USD/CHF has fallen nearly 60 pips in today’s European session. The pair is currently trading at 0.9123 and has moved below the 50 periods moving average. The immediate support is at 0.9100 while other supports are at 0.9080 and 0.9055. The intraday resistance is at 0.9144 another resistance is at 0.9165.

The SMA-21 is currently indicating a resistance area at 0.9165 while the SMA-50 is showing resistance at 0.9131. Mid Bollinger band is at 0.9169 while the lower band support is at 0.90562. The RSI is below the neutral zone and may enter a further bearish zone. The MACD is also below zero line and supportive of the bears. Currently, the pair is good to sell on rallies, a decent selling point would be at 0.9140 with a small target of 50 to 60 pips. A tight stop-loss for this trade would be at 0.9185.

The bears are likely to get more control if the pair ends the week with closing below 0.9100. on the Upside, 0.9200 is a strong resistance level and bulls would need a weekly closing above that.


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By LCMS Traders FX Analysis Team

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