USD/CHF again aims to break two-month long rising trend-line, part of a bearish technical formation. Bullish MACD can trigger an uptick to 61.8% Fibonacci retracement. Sustained trading above 0.9948/50 confluence again propels USD/CHF to confront near-term key resistance-line while taking the bids to 0.9988 amid Tuesday’s Asian session. A rising trend-line since August-start, coupled with another one connecting lows marked since August 13, portrays a short-term bearish technical formation that gets confirmed on the break of the support line. However, pair’s run-up beyond 0.9990 resistance will defy the pattern and could extend the run-up to 61.8% Fibonacci retracement level of April-August declines, at 1.0016. During the pair’s further advances past-1.0016,
Topics:
Anil Panchal considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter, USD/CHF
This could be interesting, too:
Mark Thornton writes The Great Chocolate Crisis of 2024
Mustafa Ekin Turan writes How EU Law Has Made the Internet Less Free for Everyone Else
Thomas J. DiLorenzo writes Attention mises.org Readers! Treat the Students in Your Life to The Best Week of Their Year
Octavio Bermudez writes Mises in Argentina: Lessons of the Past for Today
- USD/CHF again aims to break two-month long rising trend-line, part of a bearish technical formation.
- Bullish MACD can trigger an uptick to 61.8% Fibonacci retracement.
| Sustained trading above 0.9948/50 confluence again propels USD/CHF to confront near-term key resistance-line while taking the bids to 0.9988 amid Tuesday’s Asian session.
A rising trend-line since August-start, coupled with another one connecting lows marked since August 13, portrays a short-term bearish technical formation that gets confirmed on the break of the support line. However, pair’s run-up beyond 0.9990 resistance will defy the pattern and could extend the run-up to 61.8% Fibonacci retracement level of April-August declines, at 1.0016. During the pair’s further advances past-1.0016, mid-May lows nearing 1.0050 and 1.0100 will flash on bulls’ radar. Alternatively, pair’s decline below 0.9950/48 support-confluence including 200-day simple moving average (SMA) and 50% Fibonacci retracement could recall 0.9900 to the chart while formation’s support-line close to 0.9870 might challenge bears then after. |
USD/CHF daily chart, April - October 2019(see more posts on USD/CHF, ) - Click to enlarge |
Trend: bullish
Tags: Featured,newsletter,USD/CHF