The USDCHF saw a sharp rebound after an earlier failed break below the swing area near 0.79197 in the European morning session, triggering a snap-back rally.
The pair has now reached its first resistance zone between 0.7938 and 0.7947 (the high reached 0.7848). A firm move above this area is needed to give buyers more control and momentum with a string of moving averages to be eyed IF the buyers are to take back more control..
If upside traction continues:
UNLOCK EXCLUSIVE CONTENT
In this informer hub you will get only that which can help you grow financially and increase your knowledge. Subscribe by entering your email address. After that you will get the link to our WhatsApp channel, join it.
-
Next target: The swing area high at 0.7947
-
Followed by the 100-bar MA on the 4-hour chart at 0.7967
-
Then the 100- and 200-hour moving averages near 0.7986
The bounce has shifted the tone marginally back toward the buyers, but they must push through these resistance layers to turn the tide more convincingly. Absent that, and the sellers are still more in control.
ON the downside, the 0.79197 is the level for sellers to get and stay below. Remember, the USDCHF is trading at levels not seen since 2011. So these level are extremes.
As a result, the buyers need to show that they can take back control and keep control. Even with the rally last week taking the price to 0.80628, that was still short of the 38.2% of the move down from the May high.
Remember to visit Real-time signals, real results — trusted by professional traders. daily and often. It is formally forexlive.com, only better.
This article was written by Greg Michalowski at investinglive.com.
We are available on the following Websites.
- GBP/USD Weekly Outlook: Pound Sterling turns south following rejection near 1.3600FXStreet Forex & Commodities Analysis - 2 days agoThe Pound Sterling (GBP) staged a solid comeback from two-month lows against the US Dollar (USD) before GBP/USD buyers ran into the 1.3600 hurdle.
- EUR/USD Weekly Forecast: Powell to defy Trump as trade deals deadline loomsFXStreet Forex & Commodities Analysis - 2 days agoThe EUR/USD pair resumed its bullish trend and settled at around 1.1730, extending its recovery from the monthly low set at 1.1555 on July 17.…
- Gold Weekly Forecast: Bullish breakout fails as risk mood improvesFXStreet Forex & Commodities Analysis - 2 days agoFollowing a bullish start to the week, Gold (XAU/USD) reversed its direction and retreated below $3,400.
- US Dollar Weekly Forecast: Trade hopes and economic resilienceFXStreet Forex & Commodities Analysis - 2 days agoThe strong rally that saw the US Dollar (USD) climb to multi-week highs in the past few days faced renewed downside pressure this week. Against…
- Forecasting the upcoming week: A key week will feature the Fed meeting, Trump’s trade deadline, and Nonfarm PayrollsFXStreet Forex & Commodities Analysis - 2 days agoDespite the recovery in the second half of the week, the US Dollar (USD) ended this week on a downward trajectory, reversing two consecutive advances.…
