USDCHF Potential BUY Scratch Setup
USD downward composed and checked for the red cross Franco against USD , which stores the session down 1.18% on the previous values. Clearly deteriorating technical picture with control media estimated at 0.9612 area. On the upside, however, a polarizing layer further outflows seen at 0.9842 level. The deterioration of the Swiss franc against the US dollar has highlighted the intersection downward moving average 5 days with the moving average 34 days. A brief are concrete possibilities of new descents (USDCHF Technical Analysis).
USDCHF Technical Analysis Long
Meanwhile, USDCHF remains better bid and flirts with 0.97 handle, with the Swiss franc little affected by SNB Chief Jordan’s comments. Swiss National Bank (SNB) Chairman Thomas Jordan is out on the wires, reiterating his previous comments, while making a speech on a panel at an event in Bali.
USDCHF Forex Strategies
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USDCHF Selling Prior Support
We had expected the level at 0.9844 might act as support, as it had acted previously as both support and resistance. Note how these “flipping” levels can work really well. The H1 chart below shows the price had rejected this level several times, as shown in the chart below. The trade set up with a bullish pin candle triggering a very good entry at the upwards arrow, giving a maximum reward to risk ratio of more than 6 to 1 if the stop had been placed just below the swing low.
USDCHF Forex Analysis
USDCHF dropped further during the American session and bottomed at 0.9635, the lowest level in a month. From there it rebounded trimming losses. The recovery was capped by the 0.9700 handle. Today USDCHF traded below 0.9650/60 but rose back above. The mentioned area is a relevant area the could offer now significant support.
From Wednesday’s highs, it has fallen almost 300 pips, changing dramatically the short-term trend. From testing the highs of the second quarter dropped below July lows in a few days. The short-term tone now favors the Swiss franc.