To the upside, the next resistances are seen near 1.0000 (parity) and 1.0028/39 (50 & 10-DMA) and from there to 1.0070/99 (20 & 100-DMA). To the downside, immediate support might be located at 0.9951 (200-DMA) and below that at 0.9932 (Feb 9 low) and at 0.9900 (psychological levels).
Bears would be eyeing for a decisive weakness below mid-0.9900s, below which the pair is likely to prolong the depreciating move further towards the very important 200-day SMA support near 0.9910-0.9900 region, en-route yearly lows support near 0.9865-60 zone. On the upside, any recovery back above 0.9985 level, leading to a subsequent momentum above parity mark, now seems to lift the pair towards 1.0025-30 horizontal resistance ahead of 100-day SMA hurdle near 1.0060 region.
Renewed weakness back below the 200-day SMA now seems to drag the pair below 0.9880 level (yesterday's low) towards retesting yearly lows near 0.9865-60 region en-route 0.9820-15 support. On the upside, 0.9940 level now becomes immediate strong resistance, which if cleared decisively is likely to lift the pair back towards 0.9980-85 resistance before the pair eventually breaks through parity mark and head towards testing its next resistance near 1.0025-30 zone.
the daily graph, the RSI is sitting at 27, the lowest level since April, and is showing oversold conditions. 0.9800 could be the first technical support for the pair followed by 0.9730 (Nov. 7 low) and 0.9680 (Nov. 4 low). On the upside, a recovery above 0.9860 (Jan. 31 low) could aim for 0.9945 (200-DMA) and 1.0000 .
Bears would be eyeing for a retest of multi-month lows support near 0.9815 region, below which the pair is likely to accelerate the slide towards 0.9775 support ahead of 0.9735-30 horizontal support. On the upside, 0.9865-70 area (session tops) now becomes immediate resistance, which if cleared decisively might trigger a short-covering rally towards filling the weekly bearish gap and reclaim the 0.9900 handle ahead of testing the very important 200-day SMA support turned resistance near 0.9920 region.
The USDCHF attempted to push lower last week bottomed at 0.9813 but whipsawed to the upside and closed higher at 1.0023. The bias is bullish in nearest term testing 1.0060. A clear break and daily close above that area would expose 1.0120 region. Immediate support is seen around 0.9990. A clear break below that area could lead price to neutral zone in nearest term testing 0.9950 area.
A follow through buying interest above 1.0030 level (Friday's high) has the potential to lift the pair beyond 1.0050-55 intermediate resistance towards testing 100-day SMA strong hurdle near 1.0075 region. On the downside, retracement back below the parity mark might trigger a corrective slide towards 0.9965 horizontal support, which if broken would turn the pair vulnerable to head back towards the very important 200-day SMA support near 0.9925 region.
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