The Greenback (USD) losses ground versus the Swiss Franc (CHF) after developments during the Asian session weakened the former. China’s positive data,
mainly inflation back at positive territory, and hawkish words from the Bank of Japan Governor Kazuo Ueda spurred USD weakness. Hence, the USD/CHF is trading at 0.8908 after hitting a daily high of 0.8926.During the last four trading days, the USD/CHF has remained at around the 0.8900 figure, unable to threaten the 0.9000 figure, askeeps the pair consolidating at around a 40 pip range. It should be said the 50 and 200-day Moving Averages turned flat, with the former below price action at 0.
However, price action shows a higher series of peaks and throughs but at the expense of an increase in volatility that could break the trading range.one-hour chart portrays the pair as neutral to bearish biased, as price action sits below the 50-hour Simple Moving Average at 0.8916. However, to reinforce the bias, sellers must crack the September 8 daily low of 0.8895 to challenge the next support area, seen at the September 6 daily low of 0.8881.
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