February 21, 2022 13:21:53
USD/CHF falls to one-month low and 200-day SMA
This major has been trading a fairly random fashion over the last several months. Highs have not been sustained much above 0.9274, while 0.91 has more or less capped the downside.
The simple moving averages highlight this sideways price action with the long-term 50, 100 and 200-day SMAs all trading close to each other around 0.92. Prices have dropped today through the 50-day and 100-day and are now trading just below the 200-day SMA at 0.9174.
The daily RSI has turned lower below 50 towards 40 so more downside targets 0.9156 and then the lower part of the range around 0.91. Resistance is 0.9198 and 0.9208, the 50 and 100-day averages, ahead of 0.9250.
CHF/JPY looking to breakout towards 127
The battle of the safe haven currencies, seen in this pair, is not often looked at. But the long-term uptrend is clear for all to see, and bulls may be trying to push towards recent highs.
The pair looks to have bottomed out in September last year at 117.54. Prices then rose sharply to 125.50, before retracing some of this move around 123.The new year started with more upside momentum making a new high at 127.07 before falling back again. Prices have been held up by trendline support from the September low as well as the 50-day SMA at 124.69 and a Fib level of the low/high move at 124.82.
Recent consolidation looks bullish if buyers can beat the near-term high at 125.58; they will then look to 127 and above. Support sits at the zone around 124.69/82 and 124.30/32 below here.
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