USDCHF - At crossroads
USDCHF (1H) - short term bullish bias
The US dollar has enjoyed a smooth ride so far and pulled back to the 61.8% (0.9930) Fibonacci level of the mid-October drop on the daily chart. We expect the price to meet increasing selling pressures ahead as short term longs start to take profit. However, The RSI is yet to penetrate the over-bought area, and the uptrend is still valid as long as the moving averages and the trend line provide decent support.
Key support: 0.9900
Key resistance: 0.9930
The US dollar has enjoyed a smooth ride so far and pulled back to the 61.8% (0.9930) Fibonacci level of the mid-October drop on the daily chart. We expect the price to meet increasing selling pressures ahead as short term longs start to take profit. However, The RSI is yet to penetrate the over-bought area, and the uptrend is still valid as long as the moving averages and the trend line provide decent support.
Key support: 0.9900
Key resistance: 0.9930
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