- Despite the intraday pullback, the pair has managed to hold above 200-DMA.
- The near-term technical set-up support prospects for some dip-buying interest.
| The USD/CHF pair failed to capitalize on its intraday positive move and faced rejection near the key parity mark, albeit has still managed to hold above the very important 200-day SMA.
Given the pair’s repeated bounce from a support marked by the lower end of a two-month-old ascending trend-channel, the near-term bias remains tilted in favour of bullish traders. Moreover, technical indicators on hourly charts have been losing positive momentum but maintained their bullish bias on the daily chart, supporting prospects for some dip-buying interest. Hence, any meaningful slide might still be seen as an opportunity to initiate some fresh bullish positions near the mentioned trend-channel support, currently near the 0.9935 region. Meanwhile, a sustained strength beyond the parity mark might prompt some technical buying and accelerate the momentum further towards the recent swing highs near the 1.0025-30 region. The pair then could further extend the appreciating move, though is likely to confront stiff resistance near the top end of the mentioned trend-channel, currently near the 1.0100 round-figure mark. On the flip side, a decisive break below the trend-channel support might negate any near-term bullish bias and turn the pair vulnerable to slide further towards the next major support near the 0.9860-55 region. |
USD/CHF daily chart, June - October 2019(see more posts on USD/CHF, )-637067377269597535.png) - Click to enlarge |
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