The USD/CHF pair looks to weaken today and follows the decline from Thursday. As seen on the four hour time frame the pair is down
with 0.07% for the day and the price is developing below the flat moving
averages. But on the other hand, RSI and stochastic are showing strong bullish
momentum and both are close to their mid-lines. The ongoing downfall might be considered as a short-term bearish breakdown, despite the technical
indicators.
The downside remains supported by the 0.9900 handle, which if broken will open the door for further weakness towards the 0.9850 level and
then 0.9800. The upside is providing
resistance at 0.9950, followed by the 1.0000 psychological
level. All in all, the USD/CHF pair is facing further downside pressure.
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