USD/CHF technical analysis: Failure to cross immediate resistance signals return of 1.0000
|- Short-term descending trend-line portrays downside momentum.
- 1.0040 can flash on sellers’ radar ahead of April lows.
With a downward sloping trend-line since May 10 portraying the USD/CHF pair’s weakness, chances of witnessing parity level back on the chart are much brighter as the quote drops to 1.0060 ahead of Europe open on Wednesday.
An ascending support-line since stretched since Friday can offer immediate support near 1.0040 ahead of highlighting 1.0010 horizontal area and the 1.0000 support for sellers.
It should, however, be noted that early-April low surrounding 0.9975 might confine further downside.
If at all prices rally past-1.0100, 1.0125 and 1.0160 seem to be the first to lure buyers.
Also, the pair’s sustained rise above 1.0160 enables bulls to target April tops near 1.0240.
USD/CHF 4-Hour chart
Trend: Bearish
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