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