USD/CHF Classical 07.23
USD/CHF: Any hopes of for a recovery have been put on hold with an earlier close above the 10-Day SMA for the fist time in over a month failing to generate any form of bullish momentum. The market has since broken to fresh multi-week lows below 1.0400 and could now be poised for yet another fresh downside extension towards 1.0100-1.0200 over the coming sessions. A break and close back above 1.0550 would be required to take the immediate pressure off of the downside and force a shift in the structure.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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