- Bears target key Fibonacci retracement support.
- 0.9135 has to be broken for Bears to have a stranglehold.
- 100-hour moving average and September 21 highs help the bears.
USD/CHF witnessed selling around 0.9150 during the pre-European session today. Weak RSI adds to the selling pressure as the pair hovers around the 61.8 Percent Fibonacci retracement of late-September up-move.
Now, a pullback to 0.9165 and further to the 50 Percent Fibonacci retracement level near 0.9175 looks feasible.
USD/CHF bulls have to push the pair above the 0.9190 resistance area which merges with the 100-hour moving average and the upper line of a falling wedge – a short-term bullish formation.
But, the pair has shown weakness around 0.9144 and if sellers find enough strength to surge past the September 17 high and lower line of the falling wedge, near 0.7140, then the bear case will be stronger.
USD Index Today - last 180 days
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