USD/CHF closed lower on Tuesday and below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends today's decline, the 25% retracement level of the June-July rally crossing is the next downside target. Closes above last Thursday's high crossing are needed to renew the aforementioned rally.
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