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USD/CHF Technical Analysis: Falling wedge on 4H, oversold RSI check further declines

 

  • USD/CHF trades near the multi-month low.
  • A Bullish technical formation, oversold RSI conditions stop sellers.
  • The further downside can look towards late-August month low.

USD/CHF seesaws around 0.9800 during the pre-European session on Thursday. The pair forms a bullish technical pattern on the four-hour (4H) chart. Also supporting the hopeful buyers is oversold conditions of 14-bar Relative Strength Index (RSI).

Even so, a sustained break of the bullish pattern’s resistance around 0.9830 becomes necessary for the prices to revisit 0.9920 and November 29 top surrounding 1.0025.

During the rise, 0.9880 and 0.9900 can offer intermediate halts to check the buying sentiment.

On the contrary, pair’s declines below the formation’s support of 0.9775 will accelerate the south-run towards August 26 bottom, near 0.9715.

USD/CHF four-hour chart

(see more posts on USD/CHF, )
USD/CHF four-hour chart

- Click to enlarge

Trend: Pullback expected

 

Full story here
Anil Panchal
Anil Panchal, has seven years of experience as a commodity research analyst and six years' rich knowledge of Forex markets. He holds a masters degree in Business Administration with Finance being specialization.
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Permanent link to this article: https://snbchf.com/2019/12/panchal-usd-chf-technical-analysis-falling-wedge-4h-oversold-rsi-further-declines/

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