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USDCHF

USDCHF BEARISH IDEAUSDCHF BEARISH TRIANGLE Note: All ideas forecasts are my personal views on the market, I share these ideas for free, and you're free to share my profile link with your friends, please do not use my Idea without credit. I post and share for educational purposes hence no idea we publish should be considered an investment advice. I mostly share ideas with more than normal conviction, meaning I mostly share ideas with High conviction. You can check all my work, you can understand my style of analyzing market, please if you like my work do help me earn reputation and like, comment on my ideas, we can discuss more here.
Short
by CELGIB_TRADING
USDCHF rebounds from key support ahead of Swiss inflationUSDCHF snapped a two-week downtrend while bouncing off 100-DMA and a horizontal area from April 20. The corrective pullback, however, failed to provide a daily closing beyond multiple hurdles surrounding 0.9620. That said, the MACD and the RSI (14) also hint at the pair’s weakness ahead of June’s Consumer Price Index (CPI) for Switzerland. It’s worth noting that sellers could witness a pullback on firmer readings but the aforementioned horizontal support and the 100-DMA, respectively near 0.9540 and 0.9520, will be crucial for bearish confirmation. Should the quote drop below 0.9520, the odds of witnessing a slump towards March’s high, also the 61.8% Fibonacci retracement of January-May upside, near 0.9460, can’t be ruled out. On the contrary, downbeat Swiss data may extend the latest recovery towards breaking the 0.9620 resistance, a break of which could direct the run-up to the 38.2% Fibonacci retracement level of 0.9700. During the USDCHF advances past 0.9700, the 0.9715-20 area may act as a validation point for the north-run targeting the lows marked during early May and June, close to 0.9860. Overall, USDCHF remains on the bear’s radar unless crossing 0.9620 but the further downside needs validation from 0.9520.
by MTradingGlobal