USD/CHF Price Outlook – May Rally to the current trading range High

Forex June 06, 2019 (0)

On May 31, USD/CHF continued its bearish trend after testing the levels discussed in our previous article. At the same day, the monthly candlestick closed with 1.8% loss at 1.0008.

USD/CHF Price Forecast, Charts and Analysis

  • US Dollar looking ahead to important data release tomorrow, including NFP figures.
  • USD/CHF bears hesitation in sending the price lower.

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USD/CHF – Bearish Trend Losing Momentum

On Jun 3, USD/CHF opened the week’s session with a downside measuring gap leading the pair to trade even lower. Yesterday, the price broke below the March 20 low printing 0.9854 its lowest level in nearly five months. However, it rallied after closing at 0.9940 highlighting the bears hesitation in sending the price lower.

Alongside this development, the relative strength index RSI failed to shift to the oversold territory below 30 and rose yesterday to 35 reflecting a slight weakness in the bearish momentum.

USD/CHF Daily Price Chart Oct 15, 2018 - June 6, 2019 Zoomed in

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