By Mexgroup.com
USD/CHF bounce or break?
Price dropped sharply in the yesterday’s trading session and looks unstoppable on the Daily chart, is located above right below the 0.9500 psychological level, but above 0.9492 yesterday’s low.
Technically could drop further as the USDX is under massive selling pressure, the index is approaching the 94.00 psychological level, a breakdown below this obstacle will confirm a further decrease. USDX is trading in the red and could approach also the 92.49 static support, where he could find strong demand.
Unfortunately, we don’t have any reversal sign on the USDX, so the dollar should depreciate further versus its major rivals. Personally, I believe that only the fundamental factors could save it from downside, but the data are expected to come in mixed, so is less likely to see a USD rally.
Price is trading in the red and tries to take out the support from 0.9498 static obstacle, a valid breakdown will confirm a further decrease towards the major support from 0.9440 level.
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You should know that the pair is moving sideways on the long term, we’ll see what will happen when will hit the 0.9440 long term support.
Is on a declining path as long as is trading within the descending pitchfork’s body, a bounce back could come from the 0.9440 level because a valid breakdown below this level will open the door for more declines in the upcoming months.
By Oilimpiu Tuns
Market Analyst
The post Daily Market Report – USD/CHF pressuring a strong support July 21, 2017 appeared first on mexgroupblog.
