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Technical Analysis

Technical Outlook: USDCHF Probes Above 200SMA After Bulls Regained Control

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The USDCHF pair probes above 200SMA (0.9815) on Friday on fresh strength after significant fall the day before.

Repeated failure at 200SMA in past two days resulted in dip to 0.9736 on Thursday, which was contained by rising 20SMA.

Sudden fall on Thursday caught off-guard many traders who were long and forced them out, with repeated rejection at 200SMA and subsequent bearish acceleration, seen as strong bearish signal.

However, bullish structure on daily chart is expected to remain intact while rising 20SMA track the uptrend, with eventual close above 200SMA seen as strong bullish signal for extension of broader uptrend from 0.9420 (08 Sep low).

Lift above weekly 100SMA (0.9846) is needed to confirm bullish continuation.

Conversely, repeated failure to close above 200SMA would be negative signal.

Res: 0.9847, 0.9870, 0.9966, 0.9990
Sup: 0.9815, 0.9777, 0.9747, 0.9704

Author: Windsor Brokers LtdWebsite: http://www.windsorbrokers.com/
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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