- USD/CHF snaps two consecutive days of winning streak on Thursday.
- The overnight move beyond 200-hour SMA still favours bullish traders.
- Mixed technical indicators on hourly/daily charts warrant some caution.
The USD/CHF pair failed to capitalize on the previous session’s goodish intraday positive move of around 75 pips and came under some fresh selling pressure on Thursday.
The pair dropped to the 0.9700 neighbourhood during the early North-American session and for now, seems to have snapped two consecutive days of winning streak.
Given the overnight sustained move beyond 200-hour SMA for the first time since December 24, the near-term technical set-up seems tilted in favour of bullish traders.
This coupled with the fact that oscillators on the 4-hourly chart have managed to hold with a mild bullish bias further add credence to the near-term constructive outlook.
Conversely, technical indicators on the daily chart maintained their negative tone and again started gaining bearish momentum on the 1-hourly chart, warranting some caution.
Hence, it will be prudent to wait for some strong follow-through buying beyond the 0.9760 region before positioning for any further near-term appreciating move for the major.
USD/CHF 1-hourly chart
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