“¢ The USD/CHF pair remained well within a broader trading range held over the past four trading sessions and was once again seen retreating from the 1.0120 supply zone.
“¢ The intraday slide dragged the pair below the 1.0100 round figure mark – an important intraday pivotal point, and closer to the lower end of the mentioned trading range.
Technical indicators on the daily chart maintained their bearish bias and have also started gaining negative momentum on hourly charts, pointing to further intraday decline ahead of the key release of the latest FOMC monetary policy meeting minutes.
However, any subsequent slide is likely to find decent support near the 1.0070 confluence region – comprising of 50-day SMA and a short-term ascending trend-line extending from yearly lows, which if broken might act as a key trigger for bearish traders.
Below the mentioned support, the pair is likely to accelerate the slide back towards challenging the parity market before eventually falling to its next major support near mid-0.9900s.
USD/CHF daily chart