USD/CHF Price Analysis: Tuesday’s Doji below 200-day SMA keep bears hopeful
- USD/CHF justifies the previous day’s trend reversal signaling candlestick formation.
- 100-day SMA, monthly support line are on the bears’ radars.
- March high can lure the bulls past-200-day SMA.
USD/CHF justifies Tuesday’s bearish Doji while declining to 0.9730, down 0.22% on a day, amid the pre-European session on Wednesday.
Not only the candlestick but the pair’s inability to cross 200-day SMA also favors the sellers.
As a result, the pair’s drop to 100-day SMA level of 0.9700 becomes imminent while an ascending trend line from March 30, currently near 0.9670, could question the bears afterward.
It should also be noted that the pair’s further downside past-0.9670 can make it vulnerable to refresh the monthly bottom under 0.9600.
Meanwhile, a sustained upside break above 0.9800, comprising 200-day SMA, enables the quote to challenge March month high close to 0.9900.
USD/CHF daily chart
Trend: Further downside likely
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.