USD/CHF Technical Analysis: Forms a bearish continuation pattern on hourly charts
• The pair extended its consolidative price action through the early European session on Friday, forming a rectangular chart pattern on hourly charts.
• A Rectangle, usually a continuation pattern, forms as a trading range during a pause in the trend but sometimes also marks trend significant tops and bottoms.
• With technical indicators on the 1-hourly chart holding in negative territory, the pair's inability to make it through 100-hour SMA adds credence to the bearish outlook.
• However, it would be still prudent to wait for a decisive break through the trading range support before traders start initiating aggressive near-term bearish bets.
USD/CHF 1-hourly chart
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USD/CHF
Overview:
Today Last Price: 0.9943
Today Daily change: -2.0 pips
Today Daily change %: -0.0201%
Today Daily Open: 0.9945
Trends:
Previous Daily SMA20: 1.0023
Previous Daily SMA50: 0.9907
Previous Daily SMA100: 0.989
Previous Daily SMA200: 0.9806
Levels:
Previous Daily High: 0.9958
Previous Daily Low: 0.9921
Previous Weekly High: 1.013
Previous Weekly Low: 0.999
Previous Monthly High: 1.0096
Previous Monthly Low: 0.9801
Previous Daily Fibonacci 38.2%: 0.9935
Previous Daily Fibonacci 61.8%: 0.9944
Previous Daily Pivot Point S1: 0.9925
Previous Daily Pivot Point S2: 0.9905
Previous Daily Pivot Point S3: 0.9889
Previous Daily Pivot Point R1: 0.9962
Previous Daily Pivot Point R2: 0.9978
Previous Daily Pivot Point R3: 0.9998