USD/CHF Daily Outlook: Rejection at Resistance and Downside Momentum Persists

Monday, 8 July 2024, 06:26
The USD/CHF pair experienced a significant break of the 0.8956 minor support level, indicating that the recent rebound from 0.8825 might have peaked at 0.9049. The rejection at the falling channel resistance and ongoing decline from 0.9223 suggest further downside potential. The intraday bias favors a retest of the 0.8825 low, with downside risk prevailing as long as the 0.9049 resistance holds. Traders should monitor for potential recovery scenarios amidst the prevailing bearish sentiment.
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USD/CHF Daily Outlook: Rejection at Resistance and Downside Momentum Persists

USD/CHF Daily Outlook

Key Points:

  • Break of 0.8956 Support: Signaled potential end of rebound.
  • Rejection at 0.9049: Indicated by falling channel resistance.
  • Downside Momentum: Continues from 0.9223 high.
  • Intraday Bias: Shifted to retesting 0.8825 low.
  • Risk Assessment: Downside bias maintained below 0.9049 resistance.
  • Recovery Potential: Conditions may change if resistance is breached.

Conclusion:

USD/CHF faces downside pressure following rejection at key resistance levels. Traders are advised to closely monitor the 0.8825 support for potential directional shifts amid the prevailing bearish sentiment.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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