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Bearish continuation hinges on 0.8566 eight-year low – Crypto News
- USD/CHF drops 3%, RSI suggests potential recovery, past 0.8700, as a bullish-engulfing pattern could form.
- USD/CHF’s bearish extension hinges on breaking 0.8566 support.
USDH/CHF regains some composure after plummeting more than 3% in the week, breaking technical support levels due to overall US Dollar (USD) weakness across the Forex (FX) board. Slow inflation in the United States (US) triggered market players to pare bets the US Federal Reserve (Fed) will tighten monetary conditions past the Fed July meeting. Hence, the greenback weakened and, against the Swiss Franc (CHF), lost more than 250 pips. The USD/CHF is trading at 0.8622 after reaching a new eight-year low of 0.8566.
USD/CHF Price Analysis: Technical outlook
From a technical point of view, the USD/CHF is suggested to continue downwards. Still, the Relative Strength Index (RSI) indicator, hitting an extreme 21.47 reading, jumped and is about to cross above the 30 line. That, along with the three-day Rate of Change (RoC) portraying sellers are beginning to lose momentum, could pave the way for the USD/CHF to recover some ground.
If USD/CHF buyers reclaim the 0.8700 figure, that could form a bullish-engulfing candle stick pattern, opening the door for an upward correction. Still, the USD/CHF will remain downward biased unless traders push prices past the 200-day EMA at 0.9179.
A bearish continuation will resume once USD/CHF sellers drag prices below 0.8566, exposing the 0.8500 mark, followed by the 0.8400 figure, ahead of diving towards the 2015 yearly low of 0.8300.
USD/CHF Price Action – Daily chart
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