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USDCHF NEWS : USDCHF Price Analysis Extends break of fortnight-old support towards 0.9160

USDCHF NEWS

USDCHF NEWS : USDCHF Price Analysis Extends break of fortnight-old support towards 0.9160

  • USD/CHF takes offers to renew intraday low, stretching pullback from weekly top.
  • Clear downside break of short-term key trend line, SMA joins downbeat oscillators to favor bearish bias.
  • Recovery remains elusive unless crossing five-week-old resistance line.

USDCHF NEWS : USD/CHF prints mild losses around 0.9180 heading into Tuesday’s European session, stretching the previous day’s downside break of the key support ahead of the all-important US inflation data.

Not only the downside break of the 100-SMA and a two-week-old ascending trend line but bearish MACD signals and downbeat RSI (14), not oversold, also favor the USD/CHF bears.

That said, a horizontal area comprising multiple levels marked since January 09, close to 0.9165-60, appears imminent support for the Swiss currency pair to test.

USDCHF NEWS : Following that, the 0.9100 round figure and the previous monthly low near 0.9085 could act as intermediate halts before directing the USD/CHF bears toward the monthly bottom surrounding 0.9060.

Meanwhile, recovery moves appear elusive unless crossing the convergence of the 100-SMA and the aforementioned support line, close to 0.9210.

Even if the USD/CHF manages to stay firmer past 0.9210, a downward-sloping resistance line from January 06, near 0.9260, could act as the last defense of the pair bears.

Overall, USD/CHF remains bearish as traders brace for the key US inflation data. However, the downside room appears limited.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

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