USD/CHF declines after registering a bearish candlestick formation the previous day. Buyers look for sustained trading beyond 1.0000 psychological magnet. 200-day SMA can please sellers during further downside. USD/CHF drops to 0.9985 during the early trading session on Friday. That said, the pair formed a bearish “Spinning Top” candlestick formation while taking a U-turn from 1.0000 round-figure. Considering the pair’s repeated failures to provide a sustained run-up beyond 1.0000, coupled with bearish candlestick pattern, prices are likely declining towards the 200-day Simple Moving Average (SMA) level of 0.9950. Though, late-October high close to 0.9970 can offer an intermediate halt during the declines. In a case where bears dominate below 200-day SMA,
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- USD/CHF declines after registering a bearish candlestick formation the previous day.
- Buyers look for sustained trading beyond 1.0000 psychological magnet.
- 200-day SMA can please sellers during further downside.
| USD/CHF drops to 0.9985 during the early trading session on Friday. That said, the pair formed a bearish “Spinning Top” candlestick formation while taking a U-turn from 1.0000 round-figure.
Considering the pair’s repeated failures to provide a sustained run-up beyond 1.0000, coupled with bearish candlestick pattern, prices are likely declining towards the 200-day Simple Moving Average (SMA) level of 0.9950. Though, late-October high close to 0.9970 can offer an intermediate halt during the declines. In a case where bears dominate below 200-day SMA, mid-November tops close to 0.9910 can return to the chart. Alternatively, the pair’s successful rise beyond 1.0000 could target October high around 1.0030 whereas late-May peak close of 1.0100 might lure bulls afterward. |
USD/CHF daily chart(see more posts on USD/CHF, ) - Click to enlarge |
Trend: Pullback expected
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