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USD/CHF's Retreat: Swiss Franc Shines as Safe Haven Demand Rises

USDCHF lost its shine as demand for safe-haven assets Swiss franc, increases.It hits an intraday  high of 0.79434 and is currently trading around 0.79378. Intraday bias appears to be bearish as long as resistance 0.8000 holds.

 

Technical Analysis Points to Further Downside


The pair is trading below the   55-EMA, below the 200 EMA, and 365 EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at  0.7950; any break above targets 0.8000/0.8050/0.8090/0.8140/0.8180/0.8250/0.8300.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7900, any violation below will drag the pair to 0.7860/0.7800.

Indicators (1- hour chart)

CCI (50) - Bearish

Directional movement Index -  neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.7950 with a stop-loss at 0.8000 for a TP of 0.7855.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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