3 May 2016
USD/CHF eyeing 0.9500 to extend support
Extending its last week's downward trajectory, the USD/CHF pair is now drifting lower for seventh consecutive day and is currently trading at day's through near 0.9525.
The pair's attempted recovery from April lows fizzled out near 50-day SMA and the pair resumed its depreciating trend and has now erased almost all of its gains from early April lows. The pair is now within striking distance of retesting 0.9500 psychological handle. A decisive break below 0.9500 handle would open room for extension of the pair's weakening trend in the near-term.
Technical levels to watch
From current levels, traders would be looking for 0.9500 round figure mark to extend some immediate support on the downside. Failure to hold this immediate support should attract fresh offers that could drag the pair towards 0.9440-35 support zone.
Meanwhile, attempts of recovery from lower levels might now confront immediate resistance near 0.9550 level, which if cleared decisively seems to assist the pair towards 0.9590-0.9600 resistance zone.
The pair's attempted recovery from April lows fizzled out near 50-day SMA and the pair resumed its depreciating trend and has now erased almost all of its gains from early April lows. The pair is now within striking distance of retesting 0.9500 psychological handle. A decisive break below 0.9500 handle would open room for extension of the pair's weakening trend in the near-term.
Technical levels to watch
From current levels, traders would be looking for 0.9500 round figure mark to extend some immediate support on the downside. Failure to hold this immediate support should attract fresh offers that could drag the pair towards 0.9440-35 support zone.
Meanwhile, attempts of recovery from lower levels might now confront immediate resistance near 0.9550 level, which if cleared decisively seems to assist the pair towards 0.9590-0.9600 resistance zone.