Extends overnight retracement slide from an ascending trend-channel resistance. A follow-through selling has the potential to drag the pair towards channel support. The USD/CHF pair remained under some selling pressure for the second consecutive session on Wednesday and retreated farther from over one-month tops set in the previous session. The pair on Tuesday started retreating from a resistance marked by the top end of a short-term ascending trend-channel, extending from multi-month lows touched on August 13th. The pullback, however, seems to have found some support near 200-hour SMA, which should now act as a key pivotal point and help traders to position for the pair’s intraday movement. USD/CHF 1-hourly chart(see more posts on USD/CHF, ) - Click to
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The USD/CHF pair remained under some selling pressure for the second consecutive session on Wednesday and retreated farther from over one-month tops set in the previous session. The pair on Tuesday started retreating from a resistance marked by the top end of a short-term ascending trend-channel, extending from multi-month lows touched on August 13th. The pullback, however, seems to have found some support near 200-hour SMA, which should now act as a key pivotal point and help traders to position for the pair’s intraday movement. |
USD/CHF 1-hourly chart(see more posts on USD/CHF, )-637031895419073883.png) - Click to enlarge |
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Meanwhile, technical indicators on hourly charts have been gaining negative traction and losing positive momentum on the daily chart, supporting prospects for an extension of the corrective slide.
A sustained break below the mentioned support – currently near the 0.9845 region – will reaffirm the intraday bearish bias and set the stage for a slide back towards challenging the 0.9800 handle. The downfall could further get extended towards the lower end of the mentioned trend-channel, around the 0.9775-70 region, which if broken will pave the way for further depreciating move. On the flip side, immediate resistance is now pegged near the 0.9860-65 region, above which the pair is likely to aim towards reclaiming the 0.9900 handle en-route the channel resistance near 0.9935 area. |
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