USD/CHF remains pressured around the intraday low near 0.9090, despite the latest corrective bounce off the day’s low heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair drops for the first day in three.
While tracing the catalysts for the quote’s latest weakness, the RSI (14) line’s retreat from the overbought territory and previously looming bear cross on MACD, now confirmed, gain major attention.
However, the bullish triangle breakout keeps the USD/CHF pair buyers hopeful unless the quote drops back below the one-week-old descending triangle’s top line, now immediate support near 0.9075. Adding strength to the 0.9075 support is the 100-Hour Moving Average (HMA).
Should the pair slide beneath the 0.9075 support confluence, it can quickly challenge the double bottoms marked around 0.9035-30, forming part of the aforementioned triangle.
On the contrary, the USD/CHF pair’s recovery moves need to refresh the weekly top, currently around 0.9110, to convince bulls for more upside runs, even if they hold the reins.
Even so, a one-week-old horizontal resistance area surrounding 0.9115-20 can act as the last defense of the USD/CHF pair sellers.
Overall, USD/CHF remains on the bull’s radar despite snapping a two-day winning streak.
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Trend: Limited downside expected
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