USDCHF - Orderly retreat
USDCHF (1H) - short term bearish bias
The short-lived recovery in the US dollar came to an end at the 20-day moving average (0.9750). The doji candle was a sign of strong selling pressures. The pair is now sinking towards September 2018 lows (0.9580). On the hourly chart, the greenback has been drifting lower within a well-defined bearish channel. Both moving averages and the higher band of the channel act as strong resistance in case of a pullback. The immediate target can be found at the lower side at around 0.9600.
Key support: 0.9600
Key resistance: 0.9650
The short-lived recovery in the US dollar came to an end at the 20-day moving average (0.9750). The doji candle was a sign of strong selling pressures. The pair is now sinking towards September 2018 lows (0.9580). On the hourly chart, the greenback has been drifting lower within a well-defined bearish channel. Both moving averages and the higher band of the channel act as strong resistance in case of a pullback. The immediate target can be found at the lower side at around 0.9600.
Key support: 0.9600
Key resistance: 0.9650
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