Chart Of The Day: USDCHF pulls back from 2-month old trend-line resistance

Mon, 08 Jul 2019 13:28

USDCHFDaily_08072019.png

Despite rallying to a fortnight high, the USDCHF fails to cross the two-month-old descending trend-line during its Friday's rally. The resultant pullback persists on Monday, indicating brighter chances of the pair's drop to revisit 50% Fibonacci retracement level of 0.9890 and the current month low near 0.9830. During the pair's extended south-run below 0.9830, 61.8% Fibonacci retracement near 0.9800 and mid-September 2018 high around 0.9755 may entertain sellers.

On the upside break of 0.9930 resistance-line, the pair can quickly surge to 0.9970/75 resistance-confluence comprising 100-day EMA and 38.2% Fibonacci retracement. It should also be noted that 1.0000 round-figure and mid-June high around 1.0015 could question the pair's further advances towards 1.0100 resistance-mark.

Join us on FB and Twitter to stay updated on the latest market events.