Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service


Sellers attack 0.8850 with eyes on seven-week-old horizontal support


  • USD/CHF sellers catch a breather after refreshing two week low.
  • Downside break of 21-day SMA, descending RSI line favor sellers.
  • 50-day SMA, monthly top offer a tough nut to crack for buyers.

Having recently dropped to the lowest since January 08, USD/CHF seesaws around 0.8850 during early Friday’s trading. The Swiss currency pair refreshed a multi-day low after breaking 21-day SMA. The downside move also takes support from receding RSI.

As a result, USD/CHF sellers seem to target a retest of the horizontal support comprising multiple levels since December 17, around 0.8820.

Although the pair’s weakness past-0.8820 becomes less likely, any further declines will not hesitate to break the 0.8800 while challenging the monthly low of 0.8857.

Alternatively, an upside clearance of 21-day SMA, at 0.8860 now, will aim for the 0.8900 round-figure ahead of challenging December’s top surrounding 0.8920.

However, a confluence of 50-day SMA and the monthly peak close to 0.8925-30 will be a strong resistance for the USD/CHF buyers to watch afterward.

USD/CHF daily chart

Trend: Further weakness expected



Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by, nor shall it bias our reviews, analysis, and opinions.

      Best Forex Brokers Reviews
      Reset Password
      Compare items
      • Total (0)