USDCHF: Set To Weaken, Loses Upside Momentum

2 July 2016, 14:46
FXTechstrategy
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USDCHF: With the pair  losing upside momentum to close on a rejection candle the past week. This has set the pair up for a move lower in the new week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level. All in all, USDCHF remains biased to the downside on more weakness after losing upside steam.

 

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