The current USDCHF prices are tumbling down below DMAs on daily plotting to hamper the previous bullish sentiments observed in the last week.
While the long-lasting non-directional phase in the major trend has now turned out to be bearish after failure swings at stiff resistance at 1.0007 levels.
Upon failure swings at the stiff resistance of 21DMA in the minor trend, we see no traces of bullish sentiments, the current price collapsing below DMAs signal extreme weakness again, while both leading & lagging indicators in tandem with price action.
The major trend is on the verge of hitting 2-1/2 years’ lows after breaching below wedge baseline, momentum & trend indicators on monthly terms are also in tandem with these bearish price movements.
Contemplating lingering bearish sentiments on both minor and the major trends, on trading perspective, it is advisable to tunnel spreads using upper strikes at 0.9294 and lower strikes at 0.9150 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but within these strikes on or before the binary expiry duration.
While the FxWirePro currency strength index for the USD has been bearish by flashing -76 (which is negative), while CHF has also been highly bearish by flashing -86 while articulating (at 10:27 GMT).
For more details on our index please visit below weblink:
http://www.fxwirepro.com/fxwire/currencyindex
FxWirePro launches Absolute Return Managed Program. For more details, visit:
