“¢ The pair extended overnight rejection slide from the vicinity of a short-term descending trend-line hurdle, extending from 14-month tops set in July.
“¢ Given the pair has held below important hourly moving averages (50, 100 and 200-period), a subdued USD demand exerted additional downward pressure for the second straight session.
“¢ A follow-through selling has the potential to drag the pair back towards testing a short-term horizontal support, forming a part of a descending triangle on the daily chart.
“¢ A convincing break through the mentioned trend-line barrier would negate any near-term bearish bias and open room for any further near-term appreciating move.
USD/CHF 4-hourly chart
Spot Rate: 0.9910
Daily High: 0.9945
Trend: Range-bound
Resistance
R1: 0.9945 (current day swing high)
R2: 0.9972 (R2 daily pivot-point)
R3: 1.0000 (psychological round figure mark)
Support
S1: 0.9895 (Last Thursday’s swing low)
S2: 0.9883 (S3 daily pivot-point)
S3: 0.9865 (100-day SMA)
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