Chart of the Day: USD/CHF

Chart of the Day: Spot USD/CHF (09/06/2020) |

The USDCHF is currently showing signs of weakness across multiple timeframes trading below key moving averages. Having taken out yesterday’s low at 0.95554, there are other indications supporting this bearish bias. On the daily timeframe, price is trading below the wedge formation created through the connection of the trendlines drawn from the lows on the 14.04.2020, tested on the 01.05.2020 as well as on the 04.06.2020 and 05.06.2020. Price has been unable to test the high made on 14.04.2020 indicating further weakness. There is however, a larger wedge from the 30.03.2020 which was tested on the 05.06.2020. This could potentially cause price to stall or lead to a reversal. However, if the bias is indeed bearish based on the higher time frames, there is the potential to see price move to as low as 0.9350. At present, the anticipated profit target for the current price move is 0.94825.

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