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
Topics:
Haresh Menghani considers the following as important: 4) FX Trends, 4.) FXStreet, Featured, newsletter, USD/CHF
This could be interesting, too:
Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?
Connor O'Keeffe writes The Establishment’s “Principles” Are Fake
Per Bylund writes Bitcoiners’ Guide to Austrian Economics
Ron Paul writes What Are We Doing in Syria?
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 |
|
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. |
|
Tags: Featured,newsletter,USD/CHF