USD/CHF closed lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought, diverging but are turning neutral hinting that sideways to lower prices are possible near-term. If it extends the decline off June's high, the 75% retracement level of the 2009-2010-rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
Join the Discussion