USD/CHF is losing
upside momentum and yesterday slid below the ascending
channel that has started from April 7th. The price reached bottom at 0.9993 but
closed higher at 1.0027 and thus moved back into the price channel. But as seen
on the hourly chart today the pair reversed the trend and yesterday’s bottom
and intraday support at 0.9930, which is located just above the hourly 200-day EMA, was tested again. RSI and
stochastic are located within extreme oversold areas, but yet there is room for
further declines. A clear break and a daily/weekly closure below it will
disrupt the upward phase. Then the cross
will meet next support at the 0.9845 (January high).
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