USD/CHF completing retracement

USD/CHF is looking to complete its retracement before heading back into the downward long term retracement. The traders will look to sell USD/CHF on some reasonable retracement levels and one such level can be seen around 0.9070 level but this level is more favorable for aggressive and short term trades as long term traders will be focusing more on some strong level and one such level can be seen around 0.9125 level. The traders will look to initially target 0.9000 level and once USD/CHF manages to break that level, the traders will look to extend the profits around 0.8915 level.

Looking at the moving averages used in the daily charts, it can be seen that USD/CHF has managed to break below all three moving averages and is taking retrace towards 0.9070 level where the short term moving average is currently present at the moment. Once USD/CHF manages to break above that level, it will look to touch 0.9125 level where the medium term moving average is present at the moment. Looking at the RSI in daily charts, it can be seen that it is just below 43 and seems to have more than enough space to take an extended dip.

 

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