- The USD/CHF pair struggled to find any buyers and continued losing ground through the early North-American session, hitting fresh five-month lows in the last hour.
- The pair’s inability to find acceptance above 200-day SMA reaffirmed the recent break below a medium-term ascending trend-line – extending from Feb. 2018 swing lows.
The pair has now dropped to the 38.2% Fibo. level of the 0.9210-1.0238 (Feb. 2018 to April 2019) appreciating move, which if broken will set the stage for an extension of the ongoing downfall from over 27-month tops set on April 26.
Below the mentioned support, the pair seems more likely to easily break through the 0.9800 round figure mark and aim towards testing yearly lows support near the 0.9715-10 region – coinciding with 50% Fibo. level.
Meanwhile, technical indicators on the daily chart have moved on the verge of falling into oversold territory and are already pointing to extreme oversold conditions on hourly charts, warranting some near-term consolidation.
USD/CHF daily chart
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