The current prices of USDCHF have tumbled down below rising wedge baseline on monthly plotting to hamper the previous bullish sentiments.
While the long-lasting non-directional phase in the major trend has also turned out to be bearish after failure swings at stiff resistance at 1.0007 levels.
On the flip side, on daily plotting, the stiff resistance is observed at 0.9446 levels, the current price spike above DMAs with bullish crossovers signal strength, while both leading & lagging indicators in tandem with price rallies. We could foresee more rallies only if it breaks-out stiff resistance.
While the major trend is on the verge of hitting 2-1/2 years’ lows after breaching below wedge baseline, the momentum & trend indicators on monthly terms are also in tandem with the bearish price movements.
Trend study: Both lagging indicators (DMAs and MACD) show bullish crossovers that signal prevailing uptrend to prolong further in the short run.
Contemplating lingering buying sentiments and bearish sentiments in the major trends, one touch binary calls are recommended on trading grounds, on the contrary, it is advisable to deploy short futures of near month tenors on hedging perspective, with a view to arresting potential downside risks.
Currency Strength Index: FxWirePro's hourly USD spot index has shown -35 (which is bearish), while hourly CHF spot index was at -149 (highly bearish) while articulating at 11:05 GMT. For more details on the index, please refer below weblink:
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