- The pair remains under some selling pressure for the second straight session.
- The ongoing slide dragged it below a two-month-old ascending trend-channel.
- Bears might now aim towards challenging the 0.9900 round-figure mark.
The USD/CHF pair extended this week's rejection slide from the vicinity of the key parity mark and remained under some selling pressure for the second consecutive session.
The ongoing slide to one-week lows has now dragged the pair below a confluence support near the 0.9940 region, which might now be seen as a key trigger for bearish traders.
The mentioned support comprised of 23.6% Fibonacci level of the pair’s 0.9659-1.0028 recent strong move up and the lower end of a two-month-old ascending trend-channel.
Meanwhile, technical indicators on the 4-hourly chart have been falling in the bearish territory and also lost positive momentum on the daily chart, suggesting further downside.
However, oscillators on the 1-hourly chart have moved closer to slightly oversold conditions and thus, warrant some caution before placing any aggressive bearish bets.
Having said that, the pair still seems vulnerable to continue with its depreciating move and aim towards challenging the 0.9900 handle amid reviving safe-haven demand.
USD/CHF daily chart
-637068826263809659.png)
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD drops towards 7000 amid resurgent USD demand
AUD/USD is easing back towards 0.7000, fading the rebound led by China's central bank LPR rate cut. A US dollar rebound, despite improving mood, weighs heavily on the aussie. The pair ignores the uptick in the S&P 500 futures.
EUR/USD retreats from seven-week-old resistance below 1.0600
EUR/USD eases from a two-week high as a short-term key hurdle defends sellers around 1.0580 during Friday’s Asian session. The major currency pair rallied the most since early March the previous day while refreshing the fortnight high.
Gold remains stuck within sideways channel
The gold price has been trading between support and resistance on the daily chart. XAU/USD is trading lower, having fallen from a high of $1,844.69 to a low of $1,837.73. The yellow metal is trading near a one-week high made in the prior session.
Ethereum will sweep the lows at $1,500
Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution. Invalidation of the bearish trend is a breach of $2,800.
Tesla regains $700 despite cut from S&P 500 ESG Index
Tesla's stock slips as it is kicked out of the S&P 500 ESG index. Elon Musk reacts aggressively, calling it a scam. Growth fears dominated and weighed on the overall market mood, leading to a negative close on major Wall Street indices.