Range Markets

  • USD/CHF fails to cheer the resistance breakout as another one probes the bulls.
  • MACD dwindles but bears stay away unless witnessing a break below 21-day SMA.

Despite keeping a breakout of an ascending trend line from November 02, USD/CHF steps back from 0.9402 while heading into Friday’s European session. In doing so, the quote seems to ease from another resistance line that connects highs marked since September 25, 2020.

Hence, the quote is stuck between the key trend lines while MACD is also indecisive.  This suggests a lack of clarity till the USD/CHF trades between 0.9405 and 0.9385.

While an upside break of 0.9405 will propel the quote towards the mid-July top of 0.9467, a downside break of 0.9385 shouldn’t refrain from visiting multiple supports around 0.9320.

However, the quote’s weakness past-0.9320 will have to break the 21-day SMA level of 0.9271 on a daily closing basis before eyeing the March 17 bottom surrounding 0.9315.

On the contrary, USD/CHF bull’s dominance past-0.9467 will direct the pair further north towards the 0.9530-35 zone including multiple tops marked in June 2020.


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