USD/CHF seesaws near two-week high amid overbought RSI conditions. A confluence of six-day-old rising trend-line, 4H 200MA adds to the resistance. The USD/CHF pair’s one-week-old recovery seems to fade as the quote seesaws near 0.9814 during the Asian session on Tuesday. Not only repeated failures to cross 50% Fibonacci retracement of current month declines but overbought conditions of 14-bar relative strength index (RSI) also increases the odds of its pullback. With this, sellers can target immediate trend-line support, at 0.9790, whereas 0.9750, 0.9690 and monthly bottom close to 0.9660 will please them afterward. On the upside, pair’s rise beyond 50% Fibonacci retracement of 0.9820 will confront 200-bar moving average on the four-hour chart (4H 200MA) and
Topics:
Anil Panchal considers the following as important: 4) FX Trends, 4.) FXStreet, Featured, newsletter
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
The USD/CHF pair’s one-week-old recovery seems to fade as the quote seesaws near 0.9814 during the Asian session on Tuesday. Not only repeated failures to cross 50% Fibonacci retracement of current month declines but overbought conditions of 14-bar relative strength index (RSI) also increases the odds of its pullback. With this, sellers can target immediate trend-line support, at 0.9790, whereas 0.9750, 0.9690 and monthly bottom close to 0.9660 will please them afterward. On the upside, pair’s rise beyond 50% Fibonacci retracement of 0.9820 will confront 200-bar moving average on the four-hour chart (4H 200MA) and nearly a week-long ascending trend-line at 0.9835/37. If at all prices manage to rally above 0.9837, 61.8% Fibonacci retracement near 0.9855 and 0.9880 can lure buyers. |
USD/CHF 4-hour chart, August 20(see more posts on USD/CHF, ) |
Trend: Pullback expected
Tags: Featured,newsletter