In spite of the bullish effort that was made on Wednesday, the outlook on the market is now bearish (especially in the short-term). The support level at 0.9900 has been tested and it would be tested again, partly owing to some stamina in CHF. That support level can even be breached to the downside.
There is a Bearish Confirmation Pattern on the 4-hour chart, and that has brought about a bearish signal. The EMA 11 is below the EMA 56, and the Williams’ % Range period 20 will soon move into the oversold region again. Further bearish movement is a strong possibility.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF
In spite of the bullish effort that was made on Wednesday, the outlook on the market is now bearish (especially in the short-term). The support level at 0.9900 has been tested and it would be tested again, partly owing to some stamina in CHF. That support level can even be breached to the downside.
There is a Bearish Confirmation Pattern on the 4-hour chart, and that has brought about a bearish signal. The EMA 11 is below the EMA 56, and the Williams’ % Range period 20 will soon move into the oversold region again. Further bearish movement is a strong possibility.
The material has been provided by InstaForex Company – www.instaforex.com
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