- July 6, 2021
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF stays afloat past 50-SMA, inside bearish chart pattern.
- MACD conditions tease seller’s entry, bulls may aim for 12-day-old resistance.
USD/CHF remains subdued inside a 25-pips trading range so far during the current week, recently easing to 0.9218 amid Tuesday’s Asian session.
In doing so, the major currency pair struggles to recover from 50-SMA and while staying around the support line of a two-week-old rising wedge bearish formation. Considering the downbeat conditions of MACD, coupled with the pair’s repeated failures to gain past 0.9200, USD/CHF bears remain hopeful.
However, a clear downside break of 0.9210 becomes necessary for the quote’s slump towards the 0.9000 psychological magnet, marking the theoretical target of the rising wedge breakout and the mid-June tops.
During the fall, lows marked during June 25 and 17, respectively around 0.9140 and 0.9070 may offer intermediate halts.
Meanwhile, recovery moves may aim for the June 18 peak of 0.9240 before challenging the bearish pattern, by attacking the resistance line near 0.9280.
If at all USD/CHF bulls keep reins past 0.9280, the 0.9300 threshold and March’s top around 0.9375 will be in focus.
USD/CHF: FOUR-HOUR CHART