USD/CHF: to consolidate above 0.9700?

USD/CHF: to consolidate above 0.9700?

USD/CHF has been moving in a consolidative phase above the 200 SMA at H1 chart and still is looking forward to test new highs. However, the resistance zone of 0.9635, at which lies the 23.6% Fibo level, is still blocking the bulls’ advance across the board. One could expect another leg lower to test the demand zone of 50% at 0.9559. If the pair manages to rebound at the current stage, we can expect an advance to reach the -23.6% Fibo level at 0.9769.

RSI indicator is moving into the neutral territory, calling for more sideways coming in the short-term.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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