- USD/CHF rises from 0.9087.
- Bullish MACD; the pair repeatedly fails to run further down.
- Bulls’ first resistance is 10-day SMA level of 0.9117.
USD/CHF has halted near 0.9093, today in the pre-European trading, after a three-day losing streak while sustaining a bullish MACD.
The multiple pullbacks from the levels below 0.9100 area are also luring the bulls.
There is a short-term falling trendline near 0.9180, and the bulls could target it if the 10-day SMA level of 0.9117 gets cleared.
If the pair shows strength to trade above 0.9180, then the monthly-high near 0.9245 will be under attack, and an early-July low of 0.9362 will look near for a play.
A weakness means the sellers will push USD/CHF to 0.9000 after successfully breaking through 0.9080 and 0.9050. From a technical point of view, if the bears successfully break down the 0.9000, then July 2014 bottom around 0.8860/55 can be in play.
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