- The USD/CHF pair failed to capitalize on a strong up-move witnessed at the start of the current week and ticked lower for the third consecutive session on Thursday.
- The up-move faltered ahead of the 61.8% Fibo. level of the 1.0016-0.9693 recent bearish slide, though the downside remained limited amid fading safe-haven demand.
The pair remained well within a three-day-old trading range and has been oscillating around 50% Fibo. level to form a bullish continuation rectangle chart pattern on the 1-hourly chart, pointing to a brief pause in the trend.
This coupled with the fact that the pair has managed to hold its neck above important intraday moving averages – 100 & 200-period SMA, further add credence to the near-term bullish outlook ahead of Friday’s US NFP report.
However, mixed technical indicators on 1-hourly charts haven’t been supportive of any firm intraday direction while oscillators on the daily chart remained in the negative territory, warranting caution for aggressive traders.
The set-up clearly suggests indecision over the pair’s near-term trajectory and hence, it would be prudent to wait for a convincing breakthrough the mentioned range before traders start placing fresh directional bets.
USD/CHF 1-hourly chart
-636978432388595809.png)
Share
