- USD/CHF has turned lower from the key resistance area.
- The short duration charts show scope for a pullback.
USD/CHF’s short duration technical charts are pointing to bull fatigue.
While the hourly chart relative strength index has diverged in favor of the bears, the 4-hour chart has breached an ascending trendline.
The pair could pull back to the ascending 50-hour moving average (MA), currently at 0.9730. If that level holds, the bulls could challenge the recent high of 0.9767 (Jan. 29 high). The area around 0.9767 has proved a tough nut to crack twice in the last four weeks. So, a close above 0.9767 is needed to invite stronger buying pressure.
On the other hand, acceptance under the 50-hour MA of 0.9730 would expose the 10-day MA at 0.9704.
At press time, the pair is trading at 0.9743, representing marginal losses on the day. The pair ended higher for the fourth straight day on Thursday.
Hourly chart
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Trend: Bearish
Technical levels
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