“¢ The post-FOMC slump to over two-month lows on Wednesday confirmed a near-term bearish break through a confluence region – 100-day SMA and 38.2% Fibo. level of the 0.9716-1.0124 up-move.
“¢ Bears, however, took some breather near another confluence support – 50% Fibo. level and 200-day SMA, amid highly oversold conditions on hourly charts and ahead of the latest SNB decision.
“¢ Meanwhile, oscillators on the daily chart have just started gaining negative momentum and are still far from being in the oversold territory, suggesting an extension of the near-term bearish trajectory.
“¢ Hence, any meaningful recovery seems more likely to confront some fresh supply near the overnight support breakpoint, around the 0.9970 region, and should remain capped below the parity mark.
USD/CHF daily chart
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