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USD/CHF falling after 5-day rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CHF dropped during the last day of the week, breaking a 5-day rally. The pair peaked at 0.9967 and then turned to the downside, falling below 0.9900.

    The US dollar was trading higher across the board but lost strength after the European session. The pair bottomed at 0.9887 and it was trading at 0.9895.

    A double top?

    The pair peaked yesterday at 0.9967 and today reached again that level but it was unable to break higher and then started a bearish correction. It appears to have form a double top pattern in the near term. Price recently broke below 0.9900/05, where yesterday’s low are located. The target for the formation could be seen around 0.9840.

    Holding below the 20-WMA

    Despite Friday’s correction, the pair is still headed toward a weekly gain of more than a hundred pips. But is trading considerably below February highs that lie at 1.0255 and under the 20-week moving average that stands at 0.9950.

    The US dollar and the yen were the best performers during the week, making a correction after falling during the previous weeks.
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