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Thread: USD/CHF pair discussion

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    USD/CHF pair discussion

    The USDCHF attempted to push higher yesterday, topped at 0.9733 but whipsawed to the downside, bottomed at 0.9637 and closed at 0.9646. On h4 chart below we can see price is now testing the lower line of the minor bullish channel. Clear break below the channel could end the upside correction phase re-testing 0.9550. Immediate resistance at 0.9650 (current high). Break above that area would keep the bullish correction intact re-testing 0.9733 - 0.9800.

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    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 but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, October's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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    USD/CHF closed higher on Friday and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought and are turning bullish signalling that a short-term low might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted. If it extends this month's decline, October's low crossing is the next downside target.

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    The USDCHF attempted to push lower on Friday, slipped below the minor bullish channel, bottomed at 0.9557 but whipsawed to the upside, topped at 0.9719 and closed at 0.9686 in a volatile market. Although the major outlook remains to the downside, looks like we may have a bottom at this phase with key support area at 0.9550 – 0.9461 which could be a good support in the end of the year. Immediate resistance at 0.9733. Break above that area could trigger further upside pullback testing 0.9800.

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    The USDCHF had a bearish momentum yesterday, bottomed at 0.9630 and hit 0.9619 earlier today in Asian session. The bias is bearish in nearest term testing 0.9550. A clear break below that area would give us further bearish continuation validation at least testing 0.9461. Note that we are now entering Christmas season and the end of the year where ranging market is potential. Immediate resistance at 0.9733. Break above that area could trigger further bullish pullback testing 0.9800. CCI is moving up and down between 100 and -100 level on h4 chart suggests that this pair is not a good pair to be traded right now

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    USD/CHF closed lower on Wednesday as it extends the decline off this month's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging but are turning bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, October's low 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.

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    USD/CHF closed lower due to profit taking on Thursday and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, October's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term bottom has been posted.

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    The USDCHF made a strong upside pullback yesterday, topped at 0.9664. I was anticipating some upside corrections, but not that high. However, price closed significantly lower at 0.9574 and now struggling again around 0.9550 indicates that the bearish pressure is still alive and kicking especially if price make another movement below 0.9550 with 0.9461 as the nearest target. Few days ago I said that 0.9550 - 0.9461 could be a good support until next year so we may still have range market and some bullish pullback, but my overall outlook remains to the downside.

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    USDCHF Analysis.
    Being supported by 0.9463 (Oct 14 low), USDCHF rebounded from 0.9497 and broke above the downtrend line on 4-hour chart, suggesting that a cycle bottom is being formed. Further rally towards 0.9733 key resistance is expected, a break above this level will confirm that the downtrend from 1.0066 has completed, then the following upward move could bring price back towards 1.0066 previous high. However, as long as 0.9733 resistance holds, one more fall towards 0.9463 support is still possible.
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    USD/CHF closed higher on Friday as it consolidates some of the decline off this month's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, October's low 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.

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