Friday, 11 May 2018

USD/CHF Losing upside momentum


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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