The USDCHF pair consolidated the latest losses near the three-month low, up 0.05% around 0.8985, during early Wednesday. By doing that, the price bounced off the previous day’s low, also the lowest since late February, to aim for the one-week-old resistance.
The RSI recovery backs the USDCHF buyers around 0.8980 as an immediate obstacle, a sliding trend line from last Thursday, near 0.9010, could test the pair’s further upside. Even if the price handles to cross ther 0.9010 resistance, 100 and 200-HMAs surrounding 0.9030 can test the USDCHF bulls.
Meanwhile, fresh selling can take place below the latest low near 0.8960 but multiple supports can probe downside near 0.8950-45. Additionally, working as a downside filter is thr 0.8920 level comprising tops marked in late December 2020 and early January.
In the news, investors are going to be expecting the US FOMC Meeting Minutes for further direction in the trend of the pair.
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