USD/CHF has been testing channel resistance since the start of the year with price marking bearish divergence into these highs- risk for exhaustion here with U.S. CPI on tap tomorrow.
Monthly-open support rests at 9074 and is backed by the monthly low / 38.2% retracement of the 2022 decline at 9009/26- broader bullish invalidation now raised to the November high-day close (HDC) at 8941.
A topside breach above this key hurdle is needed to fuel the next major leg of the advance towards the November 2021 high / August 2022 low at 9374 and the 61.8% retracement of at 9455- both levels of interest for possible topside exhaustion / price inflection Ife reached.
Bottom line: Risk for a deeper pullback within the September uptrend- looking for support on this pullback ahead of the November highs with a close above 9240 needed to mark uptrend resumption. Published an in-depth breakdown of this setup today on Forex.com.
MB
Monthly-open support rests at 9074 and is backed by the monthly low / 38.2% retracement of the 2022 decline at 9009/26- broader bullish invalidation now raised to the November high-day close (HDC) at 8941.
A topside breach above this key hurdle is needed to fuel the next major leg of the advance towards the November 2021 high / August 2022 low at 9374 and the 61.8% retracement of at 9455- both levels of interest for possible topside exhaustion / price inflection Ife reached.
Bottom line: Risk for a deeper pullback within the September uptrend- looking for support on this pullback ahead of the November highs with a close above 9240 needed to mark uptrend resumption. Published an in-depth breakdown of this setup today on Forex.com.
MB
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