FxWirePro: USD/CHF consolidates around 0.9775 levels, outlook strongly bearish
The USD/CHF pair traded around the 0.9735 levels for most of the European session, as the bunch of economic data released from Eurozone failed to bring any movement for the pair. However after FED yellen's statement the …
The USD/CHF pair traded around the 0.9735 levels for most of the European session, as the bunch of economic data released from Eurozone failed to bring any movement for the pair. However after FED yellen's statement the pair made modest gains to trade around 0.9755 levels.
Currently the pair is trading around 0.9751 levels, it is set to decline further towrads 0.9700 and 0.9680 levels in the short term.
Technically, the 55, 30, 20 MA are pointing towards downwards, The Relative Strength index (RSI) is bearish at 30. Overall the technical indicators are indicating more bearish trend for this pair.
To the upside, the strong resistance can be seen at 0.9850, a break above this level would expose the cable to next resistance level at 0.9900levels.
To the downside strong support can be seen at 0.9703, a break below at this level will open the door towards 0.9660levels.
Recommendation: Go short around 0.9820/targets around 0.9750/0.9680, SL 0.9980
