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USDCHF Remains Weak And Vulnerable On Price Sell Off
USDCHF remains weak and vulnerable on price sell off the past week. On the downside, support lies at the 0.9950 level. A turn below there will set the stage for more decline towards the 0.9900 level. And then the 0.9850 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0050 level where a breach will clear the way for more strength to develop towards the 1.0100 level. Above here, resistance comes in at the 1.0150 level followed by the 1.0200 level. All in all, USDCHF faces further price weakness on price correction.
Without saying something about when fibs will likely resonate/hold, that statement has no more significance than saying something like “moving averages are helpful in confirming trend-trading entry points. ... where the pullback could reverse and head back in the trending direction.”
(hint: swing ‘slope’ is good place to start... slopes of last 3 swings to hone)