Forex: USD/CHF consolidates below 0.9300
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USD/CHF
FXstreet.com (Córdoba) - As most crosses in the FX market, the USDCHF has had a quiet day and spent most of the New York session consolidating within its recent range, lacking a clear direction.
Having recovered from a low of 0.9220 scored last Friday, USDCHF found resistance at the 0.9290 area where it set a daily high, and pulled back. At time of writing, USDCHF is trading at the 0.9265/70 region, virtually unchanged since opening.
"With 4h indicators still in the negative territory and hourlies hovering around the midlines, risk of stall becomes more evident", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Failure to clear 0.9300/23 resistance zone that is required to signal basing attempt and shift near-term focus higher, would risk return to 0.9220 and possible further retracement of 0.9109/0.9387 rally".
Having recovered from a low of 0.9220 scored last Friday, USDCHF found resistance at the 0.9290 area where it set a daily high, and pulled back. At time of writing, USDCHF is trading at the 0.9265/70 region, virtually unchanged since opening.
"With 4h indicators still in the negative territory and hourlies hovering around the midlines, risk of stall becomes more evident", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Failure to clear 0.9300/23 resistance zone that is required to signal basing attempt and shift near-term focus higher, would risk return to 0.9220 and possible further retracement of 0.9109/0.9387 rally".
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