USD/CHF - 0.9300.. Dlr continued its recent losing streak n fell fm 0.9323 in Aust. y'day to 0.9284 in Europe, then later to a 2-week low of 0.9269 in NY on selling in EURCHF cross b4 recovering to 0.9303 after Fed minutes.

On the bigger picture, despite dlr's rally fm Sep's bottom at 0.8999 to 0.9296 in late Sep, subsequent erratic fall to 0.9031 n Nov's brief break of 0.8999 to a fresh 5-1/2 year 0.8983 low due to USD's broad-based weakness signals LT downtrend fm 2016 peak at 1.0344 has once again resumed. Although dlr tumbled to a near 6-year bottom at 0.8758 in Jan 2021, subsequent rebound to 0.9046 in early Feb, then an impressive rally in Mar due to broad-based USD's strength to an 8-month high of 0.9472 last Thur suggests price would head to 0.9545/50, bearish divergences on daily indicators should cap dlr at 0.9610/20. Only a daily close below 0.9214 signals temp. top made, risks 0.9137, 0.9072.

Today, although y'day's break of Tue's 0.9303 low to 0.9269 suggests decline fm Apr's 0.9472 remains in progress n marginal weakness would be seen, 'bullish convergences' on hourly indicators should prevent steep fall n reckon 0.9214 should hold, yield another bounce. Abv 0.9350/55 risks 0.9385/95.

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AceTrader Team

AceTrader

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