Forex: USD/CHF testing the 0.9300 level
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USD/CHF
FXstreet.com (Barcelona) - The USDCHF has risen from the doldrums at 0.9252 (session low) during Asian trading, to ultimately move within range of overtaking the 0.9300 handle Tuesday. In recent minutes, the pair has jumped nearly 15 pips to settle at 0.9295/97 during European trading, securing an advance of +0.18% above its opening.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDCHF remains under pressure, as series of lows with the latest one posted overnight at the 0.9253 level confirms the bearish stance and focuses key near-term support at the 0.9213 mark. Hourly studies highlight a bearish tendency, whereupon entering an oversold zone may signal delay seen on a possible mild corrective bounce."
In terms of the technical levels, Drvenica points to an initial barrier at 0.9300, reinforced by a descending 20-day EMA, which is expected to cap for now. On the downside, a break below 0.9213 would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970 (24 July yearly peak).
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USDCHF remains under pressure, as series of lows with the latest one posted overnight at the 0.9253 level confirms the bearish stance and focuses key near-term support at the 0.9213 mark. Hourly studies highlight a bearish tendency, whereupon entering an oversold zone may signal delay seen on a possible mild corrective bounce."
In terms of the technical levels, Drvenica points to an initial barrier at 0.9300, reinforced by a descending 20-day EMA, which is expected to cap for now. On the downside, a break below 0.9213 would signal an end of two-month consolidative phase and open fresh bear-leg, as a part of broader descend from 0.9970 (24 July yearly peak).
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