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USDCHF SIGNAL 07-07-2022 : USDCHF Price Analysis Seesaws around 0.9700 inside weekly bullish channel

USDCHF SIGNAL

USDCHF SIGNAL : USDCHF Price Analysis Seesaws around 0.9700 inside weekly bullish channel

  • USD/CHF struggles to extend four-day uptrend inside a short-term bullish chart pattern.
  • Successful break of 200-SMA keeps buyers hopeful but RSI conditions hint at a pullback.
  • Recovery remains elusive unless crossing 0.9780 hurdle, sellers could wait for 0.9630 break.

USDCHF SIGNAL : USD/CHF buyers flirt with the 0.9700 threshold inside a one-week-old bullish channel during Thursday’s Asian session.

In doing so, the Swiss currency (CHF) pair takes rounds to the three-week high, also snapping a four-day uptrend inside, amid overbought RSI conditions.

Given the quote’s latest pullback from the stated channel’s resistance, backed by the oversold RSI, the USD/CHF prices may decline further. However, the 200-SMA support near 0.9670 could offer a strong challenge to the sellers.

USDCHF SIGNAL : Even if the pair drops below 0.9670, it needs to defy the bullish channel by breaking the 0.9630 support to convince the bears.

Following that, a south-run towards the monthly low of 0.9495 can’t be ruled out.

Alternatively, the upper line of the aforementioned channel, near 0.9740, could challenge the immediate USD/CHF advances ahead of the 50% Fibonacci retracement of its downturn from mid-May, around 0.9780.

In a case where the pair rises past 0.9780, the 0.9820 level may act as a buffer during the run-up targeting the 61.8% Fibonacci retracement level of 0.9846 and mid-June swing low around 0.9875.

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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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