USD/CHF rejects channel line resistance, struggles to hold 1.014
It has been a strong uptrend for dollar against Swiss franc for last one month or so.
The pair has been able to bounce above resistance 1.0140 levels but rejected above channel line at 1.0219.
Currently, it is struggling to clear resistance at 1.0140.
The spot prices on weekly chart have bounced above 10DMA curve, this would signal us that the prevailing bullish trend to sustain further for some more weeks.
While RSI has been converging these price spikes, the current RSI on weekly chart is trending at 65.0154.
To confirm this bullish view, slow stochastic curves has approached above 80 levels but no trace of clear %D crossover which is again good signs for bulls.
On daily terms, despite the robust bullish sentiments, there has been a tug war between bulls and bears, but bears have been well leading the show as there are adverse indications.
However, this disparity could be interpreted as bears are generating good opportunities again. So buy at dips should be the trading idea.
The pair has been able to bounce above resistance 1.0140 levels but rejected above channel line at 1.0219.
Currently, it is struggling to clear resistance at 1.0140.
The spot prices on weekly chart have bounced above 10DMA curve, this would signal us that the prevailing bullish trend to sustain further for some more weeks.
While RSI has been converging these price spikes, the current RSI on weekly chart is trending at 65.0154.
To confirm this bullish view, slow stochastic curves has approached above 80 levels but no trace of clear %D crossover which is again good signs for bulls.
On daily terms, despite the robust bullish sentiments, there has been a tug war between bulls and bears, but bears have been well leading the show as there are adverse indications.
However, this disparity could be interpreted as bears are generating good opportunities again. So buy at dips should be the trading idea.