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USD/CHF sellers alleviate upside pressure

USD/CHF traders could soon see a period of short-term weakness on an intraday basis, allowing for some severe overbought studies to unwind.

The 50 SMA is above the 200 SMA on the hourly chart, at a distance superior to the daily ATR. This indicates an up-trending condition.

Longer-term traders following the 4H stochastic above 50%, don’t necessarily need to liquidate their long positions, but the 1-hour stochastic is increasingly hinting that it could be necessary soon.

The oscillator has build a plateau above the 70% level for more than eight hours and has just abandoned overbought territory with the recent hourly close. This is a warning of a potentially important short-term top.

Bouts of risk aversion hit Asian stocks

There has been a substantial worsening of sentiment during the Asian session, with bouts of risk aversion sending regional stocks sharply lower, while no specific catalyst has been attributed to the moves.
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USD/JPY: Heavy around 120.50, risk-off persists ahead of Fed

The US dollar remains under heavy selling pressure versus the Japanese yen for the second straight session on Tuesday, knocking-off USD/JPY to session lows near the hourly 100-SMA.
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