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Market View

USDCHF is moving on Sideways

Monday, May 29, 2017 6:53 AM GMT

USDCHF is moving on sideways near the recent lows today. Buyers stopped the selling pressure on 0.97 but they haven’t yet managed to drive prices high enough. The Bears are in control and specifically, as long as price remains below 0.977 on daily timeframe. Seller’s target is breaking 0.97 level and lead the pair around 0.96.  In this area, there are few more supports that are important and we may have buying reactions. Reviewing the hourly timeframe, the price has rejected the 200 SMA and remains bearish. However, if the pair violates 200 SMA to the upside and retests it then we may see a potential short-term trend reversal.  This reaction might lead prices around 0.988 area (close to the trendline). 




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