USDCHF .9578 – bearish – Declines towards the 200 day moving average
USDCHF declined from the .9843 high (September 25, 2015) to Tuesday’s .9555 low (October 13, 2015), retracing 50% of the .9257/.9843 upleg. Bearish indicators suggest there is scope for further weakness towards .9527 (September 18, 2015 range low) near the 200 day moving average currently at .9521. A downside break below there would complete a double top at .9823/.9843 (as shown on the daily chart) and expose .9480 (61.8% of the .9257/.9843 upleg) ahead of .9395 (76.4% of the .9257/.9843 upleg).
Back up .9646 (October 13, 2015 high) is needed to caution bears and shift the focus towards .9740 (October 7, 2015 high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
USDCHF declined from the .9843 high (September 25, 2015) to Tuesday’s .9555 low (October 13, 2015), retracing 50% of the .9257/.9843 upleg. Bearish indicators suggest there is scope for further weakness towards .9527 (September 18, 2015 range low) near the 200 day moving average currently at .9521. A downside break below there would complete a double top at .9823/.9843 (as shown on the daily chart) and expose .9480 (61.8% of the .9257/.9843 upleg) ahead of .9395 (76.4% of the .9257/.9843 upleg).
Back up .9646 (October 13, 2015 high) is needed to caution bears and shift the focus towards .9740 (October 7, 2015 high).
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
