USDCHF: Negative Candle Print To Trigger Weakness.
March 20, 2014 5:00 pm
USDCHF: With USDCHF falling to hold on to its intra day gains to as high as the 0.8868 level and turning lower during Thursday trading session, the risk is for the pair to decline further. This is coming on the back of negative candle (shooting star) formation on the daily chart. Immediate support lies at 0.8799 level where a violation will aim at the 0.8768 level. Further down, support comes in at the 0.8698 level with a break and hold below here resuming its medium term downtrend towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level. Conversely, resistance resides at 0.8868 level where a break is required to trigger its corrective towards the 0.8900 level and then the 0.8950 level. All in all, the pair remains biased to the downside medium term Though facing recovery risks.
USDCHF: With USDCHF falling to hold on to its intra day gains to as high as the 0.8868 level and turning lower during Thursday trading session, the risk is for the pair to decline further. This is coming on the back of negative candle (shooting star) formation on the daily chart. Immediate support lies at 0.8799 level where a violation will aim at the 0.8768 level. Further down, support comes in at the 0.8698 level with a break and hold below here resuming its medium term downtrend towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level. Conversely, resistance resides at 0.8868 level where a break is required to trigger its corrective towards the 0.8900 level and then the 0.8950 level. All in all, the pair remains biased to the downside medium term Though facing recovery risks.
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