USD/CHF closed higher on Friday and below the 10-day moving average crossing signalling that a short-term low is in or is near. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging and are turning bullish hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off June's high, the 75% retracement level of the 2009-2010-rally crossing is the next downside target.
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