USD/CHF is moving in a nice downward trend and it seems to continue the current trend but the thing that is being highlighted at the moment is the need for USD/CHF to take some retrace. The long term and intra-day trader, both will be looking to sell USD/CHF on rise to retracement levels. The first retracement target for the USD/CHF can be seen around 0.8450 level and if USD/CHF extends its retracement above 0.8450 level, then the next retracement target can be seen around 0.8550 level. The 0.8550 level is also a strong weekly level and it is not only focused by short and medium term traders but is equally focused by the long term traders.
On the lower side, the targets can be seen around 0.8250 level but USD/CHF don’t seems to challenge that level much without taking any retrace. The short term moving average is just above the current market level at the moment but as USD/CHF moves above it for retracement, the market will look to target medium term moving average which is around 0.8650 level at the moment.
The RSI is very much on the lower side at 23 in daily charts and thus seems to highly suggest that the market will look to take some reasonable retracement and then might trade sideways for few days before taking a dip again.
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