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Technical Analysis – USDCHF halts retreat but fails to rebound
October 13, 2023 2:26 pmVideo
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USDCHF attempted a recovery after bouncing off 200-period SMA
But rebound seems to be fading
Momentum indicators point to more losses
USDCHF had been in a steady decline since its October high of 0.9243, generating a clear pattern of lower highs and lower lows. Even though the pair managed to find its feet at the 200-period simple moving average (SMA), its upward spike quickly faltered.
Should bearish pressures persist, the price could initially test the October support of 0.9034. Breaking below that zone, the pair could challenge the 200-period SMA before the October low of 0.8985 comes under examination. Further declines might then come to a halt at the September hurdle of 0.8931.
On the flipside, if buyers re-emerge and push the price higher, the recent rejection region of 0.9087 could curb initial advances. Higher, the October resistance of 0.9122 might prove to be a tough obstacle for the price to overcome. Jumping above that zone, the pair could test the September resistance of 0.9181.
In a nutshell, USDCHF’s recovery has temporarily paused in the four-hour chart as the short-term oscillators are slowly tilting to the bearish side. However, for the broader downside correction to resume, the price needs to fall below the 200-period SMA.
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