USD/CHF Rejected from 0.9600 Handle, Turns Negative
The USD/CHF
pair got rejected from 0.9600 handle and erased all of its early Monday
gains to drift back into negative territory and trade near day's
through.
Last week, the pair witnessed continuous selling
pressure and ended in red for all of the five trading days. Any attempts
of a minor recovery got sold into, leading to a fall of almost 200-pips
from weekly high of 0.9788, to finally close below 0.9600 mark.
On
Monday, the pair attempted a recovery to 0.9600 mark during Asian
session but erased all of its gains to currently trade at low point of
the day, near 0.9575 level.
Technical levels to watch
Continued
selling pressure, leading to a fall below Friday's low near 0.9567-65
zone seems to accelerate the fall immediately towards recent closing low
level support near 0.9535-30 area.
On the upside, 0.9600-0.9615
area now seems to continue attracting fresh offers. However, a move
above this immediate supply zone now seems to trigger an immediate
short-covering rally towards 0.9665-70 region.
