OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CHF Price Analysis: Registers three-day winning streak, probes 21-day EMA

  • USD/CHF extends recovery from mid-January lows.
  • A ten-week-old falling trend line, short-term horizontal resistance area will challenge the pair’s latest pullback.
  • The pair’s break of yearly low can push the bears towards late-2018 lows.

USD/CHF takes the bids to 0.9700 during the pre-European session on Wednesday. That said, 21-day EMA limits the pair’s immediate upside amid the bullish MACD signals.

Even if the pair manages to clear the 0.9700 mark on a daily closing basis, a downward sloping trend line since November 29, at 0.9740, will stand tall to question the buyers.

Additionally, 0.9770/63 area including December 12, 2019, low and highs marked from January could keep a tab on the bulls past-0.9740.

Meanwhile, the last week’s low near 0.9660 and the yearly bottom surrounding 0.9613 can take rest around 0.9600 ahead of challenging September 2018 trough close to 0.9540.

USD/CHF daily chart

Trend: Pullback expected

 

GBP/USD fails to hold onto recovery gains ahead of UK Services PMI

GBP/USD pulls back to 1.3025 while heading into the London open on Wednesday. The Cable fails to extend the previous day’s recovery amid fresh accusat
Read more Previous

BOJ’s Wakatabe: Calls for a policy review is not a majority view of the board

The Bank of Japan (BOJ) Deputy Governor Wakatabe is back on the wires now, via Reuters, noting that there is no plan to conduct monetary policy framew
Read more Next
Start livechat