30 Nov 2020

USD/CHF Price Analysis: Chart studies lean bearish after 4-day losing streak

USD/CHF dropped for fourth straight day on Friday, eyes Nov. 9 low of 0.8980.
Key daily chart indicators are alinged in favor of the bears.

USD/CHF fell by 0.18% on Friday, having faced rejection at the downward-trending 100-day Simple Moving Average (SMA) in the preceding week.

Essentially, the pair has carved out a bearish lower high over the past two weeks and now looks set to test the Nov. 9 low of 0.8980.

Backing the bearish view are the descending 5- and 10-day SMAs and a below-50 reading on the 14-day Relative Strength Index.

A close above the 100-day SMA, currently at 0.9142, is needed to put the bulls back into the driver's seat.

Daily chart

Trend: Bearish