“¢ The pair met with some aggressive supply on Wednesday and extended its recent pullback from 28-month tops set last Friday amid the prevalent US Dollar selling bias.
“¢ A sustained break below 200-hour SMA – for the first time since early April, was seen as a key trigger for bearish traders and behind the pair’s sharp intraday downfall.
“¢ However, oscillators on the 1-hourly chart drifted into the oversold territory and helped find some support near 23.6% Fibo. level of the 0.9895-1.0236 recent upsurge.
“¢ Meanwhile, mixed technical indicators on 4-hourly/daily charts have failed to support any firm directional bias and warrant some caution before placing any aggressive bets.
USD/CHF 1-hourly chart