Intraday Bias Favors Downside as USD/CHF Faces Key Resistance Rejection

Monday, 8 July 2024, 13:59
The USD/CHF pair is currently experiencing a bearish momentum, with a rebound from 0.8825 likely completing at 0.9049 after facing rejection at the falling channel resistance. The ongoing fall from 0.9223 indicates that the decline is not yet complete, with a potential retest of the 0.8825 low expected. The intraday bias will remain neutral only if the pair manages to surpass the 0.9006 minor resistance level.
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Intraday Bias Favors Downside as USD/CHF Faces Key Resistance Rejection

USD/CHF Mid-Day Outlook

Intraday bias in USD/CHF remains on the downside for the moment. Rebound from 0.8825 could have completed at 0.9049, after rejection by falling channel resistance. Also, fall from 0.9223 is not completed yet. Deeper decline would be seen for retesting 0.8825 low next. On the upside, above 0.9006 minor resistance will turn intraday bias neutral first.

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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