USDCHF (1H) - short term bearish bias
The US dollar is in another round of sideways action after dropping through the 0.9810 floor on Tuesday. Sentiment is still on the pessimistic side and as long as the bearish trend line keeps the price action in check, we would expect the pair to be under pressure for the rest of the week. The current consolidation is an opportunity for trend-followers to jump in before the next movement. Another round of sell-off could send the price towards 0.9780.
Key support: 0.9795
Key resistance: 0.9820
The US dollar is in another round of sideways action after dropping through the 0.9810 floor on Tuesday. Sentiment is still on the pessimistic side and as long as the bearish trend line keeps the price action in check, we would expect the pair to be under pressure for the rest of the week. The current consolidation is an opportunity for trend-followers to jump in before the next movement. Another round of sell-off could send the price towards 0.9780.
Key support: 0.9795
Key resistance: 0.9820