The USD/CHF pair struggled to sustain above 61.8% Fibo. level of the 0.9879-0.9714 recent slump and seems to have stalled this week’s recovery move from the 0.9700 neighbourhood. The intraday downtick remained cushioned near the 0.9800 handle, which coincides with 100/200-hour SMA confluence region and should act as a key pivotal point for intraday traders. Meanwhile, neutral technical indicators on hourly/daily charts haven’t been supportive of any firm near-term direction and thus, warrant some caution before placing any aggressive bets for the pair’s near-term trajectory. A decisive breakthrough the 0.9800-0.9795 region – also nearing 50% Fibo. level – might prompt some technical selling and turn the pair vulnerable to accelerate the slide further towards
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Meanwhile, neutral technical indicators on hourly/daily charts haven’t been supportive of any firm near-term direction and thus, warrant some caution before placing any aggressive bets for the pair’s near-term trajectory. A decisive breakthrough the 0.9800-0.9795 region – also nearing 50% Fibo. level – might prompt some technical selling and turn the pair vulnerable to accelerate the slide further towards 23.6% Fibo level support near mid-0.9700s. On the flip side, sustained move beyond the overnight swing high – around the 0.9835-40 region – will set the stage for a further near-term appreciating move towards reclaiming the 0.9900 handle en-route the 0.9975-80 region – three-week tops set last Friday. |
USD/CHF 1-hourly chart(see more posts on USD/CHF, ) |
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