On the , the gravestone occurred at 1.0086 levels.
Ever since this occurred, bears have managed to plummet the prices below DMAs.
It is attempting to break strong support at 0.9958 levels. Expect more slumps as DMA crossover is most likely and the current prices are well below DMAs.
This sentiment is backed by the momentum signaled by leading oscillators.
Both and curves are converging downwards to the prices slumps.
On a broader perspective, a has occurred on monthly terms to plummet prices to bring back major trend in range, expect more slumps on the slide below 7EMA.
You could also observe the shrinking buying momentum as the leading indicators on this timeframe, while the same leading oscillators are evidencing convergence to the considerable price declines on this timeframe.
While for short term , MACD's crossover is substantiating the downtrend is likely to prolong further (refer daily plotting).
Thereby, USDCHF major trend continues to drift into sideways but bias – Use mid-month to hedge.
Hence, at spot ref: 0.9959 we advocate arresting these risks by initiating shorts in contracts of mid-month expiries by keeping the strict stop loss at around 1.0197 levels.