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Morning Market Update – USD/CHF

The USD/CHF pair bounced above 0.9669 the barrier as the downside attempts were repeatedly contained by strong support provided by top of thickening four-hour cloud reinforced by rising 50SMA. Near term techs regained bullish momentum on fresh rally, with probe above important 0.9698 resistance zone expected to generate fresh bullish signal on firm break above the levels. Situation on the four hour chart remains constructive while cloud top keeps the downside protected, for renewed attack at the 0.9669 target, as previous attempt stalled just ticks below the target. Firmer signals about rate hike in December would accelerate the greenback above 0.9698 handle and expose targets at 0.9744. On the other side, the dollar could come under increased pressure and probe again below cloud top if today’s data doesn’t support the greenback.

USD/CHF’s buying pressures are going up and the pair has broken resistance area between 0.9698 and 0.9669. The pair has also broken resistance at 0.96698. It is expected to show continued bullish pressures.

In the longer term, the technical structure has reversed. Strong resistance is given at 0.9698. Yet, the USD data release today is likely to cause persistent selling pressures on the greenback, which should weigh on USD/CHF. Supports can be found at 0.9669.

The USD/CHF pair fluctuates around the 0.9698 that its signs appear on the four hour chart, with confirm breaching this level located at 0.9698 to activate the positive effect of the mentioned pattern followed by rallying towards achieving positive targets that reach to 0.9744 followed by 0.9752 on the short term basis.

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Therefore, we will continue to suggest the bullish trend in the upcoming sessions, supported by the stochastic as mentioned, noting that breaking 0.9698 will push the price to extend its bearish correction and head towards 0.9744 and might extend to 0.9751 before any new attempt to rise. And retest the 50EMA.

Expected trading range for today is between the 0.9669 support and the 0.9751 resistance.

Expected trend for today: Bullish

For more detailed analysis from the author, visit NoaFX.
For more detailed analysis from the author, please visit NoaFX.

This article was originally posted on FX Empire

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