USD/CHF bears back to business after whipsaws at strong supports

FX:USDCHF   U.S. Dollar / Swiss Franc
119 0 12
After bulls losing momentum in the pair went in whipsaws pattern sensing strong support at 0.9661 levels (on 4H charts).

Price has begun sliding below 7DMAs after this whipsaw pattern at the strong support of 0.9661 marks.

On the flip side, the pair could not hold onto major resistances at 0.9682 levels, as a result, you could see shrinks in buying momentum.

On a broader perspective, the major bearish trend has been declining in the sloping channel, evidently, after the rejection of channel resistance, we could see prices have slipped below EMAs.

The current prices have remained well below EMAs despite the attempts of this month’s spikes, and 21EMA crosses over 7EMA which is again a sell signal.

Both leading oscillators ( RSI and stochastic ) on intraday and monthly charts evidence the bearish convergence to the prevailing declining trend. Selling momentum is intensified as %D crossover has been signalling more selling interests in this pair.

While for major bearish trend , MACD's bearish crossover is substantiating the trend is likely to prolong further. 

Trade Tips:

On intraday speculative perspectives, it is good to buy one touch binary puts at every rally that brings in leveraging effect using these instruments with upper strikes for a minimum target of 30-35 pips.

The payoffs of touch option have been conditional, if USDCHF             , in this case, would touch the OTM strike price within any time period by the time of expiration, if the investor predicts correctly and the asset touches the strike price the option expires "in the money". This is likely to generate an exponentially high return of between 80-90% to the binary option investor.
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