USD/CHF looking testing support

USD/CHF seems to test the support around an important level around 0.9000 and once it manages to break below 0.9000 level, it will look to open up into an extended downward trend and will test 0.8900 level next. The traders will look to sell USD/CHF around 0.9125 level and in case the retracement is extended above 0.9125 level, it will look to touch 0.9260 level. The traders will look to extended the profits by using trailing stop which seems to prove an effective tool in this situation as the market will look to take an extended move.

Looking at the moving averages used in the daily charts, it can be seen that USD/CHF has moved below all the three moving averages and aggressive traders will look to focus on selling around the short term moving average which is around 0.9050 level but the long term traders will look to sell around 0,9125 where medium term moving average is at the moment and around the same level the long term and medium term moving averages seems to meet each other. RSI is currently around 45 and have more than enough space for USD/CHF to take an extended dip towards 0.8910 level.

 

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