• The pair, this week, repeatedly failed to make it through a short-term descending trend-line resistance, extending from 14-month tops set on July 12.
• Today's rejection from 100-hour SMA, leading to a subsequent fall below 200-hour and 50-day SMA, prompted some aggressive long-unwinding/fresh selling pressure.
• The ongoing downfall confirms a near-term bearish breakdown, albeit oversold technical indicators on the 1-hourly chart could be the only factor helping limit deeper losses.
USD/CHF 1-hourly chart
Spot Rate: 0.9900
Daily High: 0.9951
R1: 0.9925 (50-day SMA)
R2: 0.9951 (current day swing high)
R3: 0.9985 (weekly tops set on Monday)
S1: 0.9871 (S3 daily pivot-point)
S2: 0.9852 (100-day SMA)
S3: 0.9800 (round figure mark)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.