News

USD/CHF technical analysis: Sustained move beyond 1.0120 hurdle to pave way for further intraday gains

   •  The USD/CHF pair has managed to hold its neck above an ascending trend-line support – extending from early-Jan. swing lows, albeit struggled to clear the 1.0120 static resistance.

   •  The fact that the pair remains above its important daily moving averages – 50, 100 & 200-day SMAs support prospects for a bullish breakout amid fading safe-haven demand.

Meanwhile, technical indicators on the daily chart haven’t been able to gain positive traction, making it prudent for bullish traders to wait for a sustained move beyond the said hurdle before positioning for any further up-move towards 1.0155-60 supply zone.

On the flip side, the ascending trend-line – now coinciding with 50-day SMA, might now act as a key pivotal point for short-term traders, below which the pair is likely to head back towards challenging the parity mark en-route the next support near mid-0.9900s.

USD/CHF daily chart

Articles You May Like

U.S. Senate votes to block Saudi arms sales on UN report/death of Jamal Khashoggi
Russia: CBR says could consider harsher monetary policy in the event of a crisis
More than a quarter of Chinese exporters expect US trade war to be permanent
Forex scam in Kenya part 1
USD/CHF technical analysis: Bears take full control, hammered down to fresh 5-month lows

Leave a Reply

Your email address will not be published. Required fields are marked *