Trading news

US Dollar Remains At Risk For Key Reasons

USDCHF has struggled more than a couple of times around the 0.9720 area, which ignited a downside reaction in the pair and opened the doors for more losses moving ahead.

There is a monster bullish trend line formed on the 4 hour chart of the USDCHF pair, which acted as a support for the pair on numerous times. The pair recently headed towards the mentioned trend line and barely survived a break. There are a few important bearish developments, as the pair traded below the 100 simple moving average (SMA) – 4H recently. Yesterday, the pair dived towards the 61.8% Fibonacci retracement level of the last leg from the 0.9530 low to 0.9727 high, which acted as a support and prevented the downside in the near term. However, the pair remains at risk of more losses, as there is a divergence formed on the 4 hour timeframe which might encourage the US dollar buyers moving ahead. A break below the highlighted bearish trend line and 200 SMA could ignite bearish momentum in USDCHF.

On the upside, initial resistance is around the swing high of 0.9660. If the US dollar buyers manage to break the mentioned resistance area, then it might challenge the 0.9720 high one more time.

Friday, 28 Nov, 2014 / 6:03

Source : http://capitaltrustmarkets.com/us-dollar-remains-risk-key-reasons

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