USD/CHF is trading at the bottom of the sideways range, which used to hold the exchange rate since September 2019. The bearish action might be limited unless a breakout of the support at 0.9800
The New Zealand dollar was surprisingly the strongest major currency versus the greenback this past week.
Monday evening and bounced off the round-figure support of 1.1000. After peaking at 1.1025, the pair kept declining toward another local bottom of 1.0990.
EUR/USD retraced back south from the resistance range, the oscillator reflected that movement immediately by crossing the overbought level from above.
The technical sentiment was diverging with the price action as well. Besides weak momentum, the sequence of lower lows on the hourly price chart was followed by higher lows of MACD lines.
The intraday trading was headed in one direction as binary options traders were buying only put options this past week. Both MACD lines did not appear above zero, remaining in the negative territory
The uptrend accelerated after EUR/USD charted a long downside shadow on the hourly candle and MACD lines spread, going north. However, the bullish momentum exhausted when the pair peaked at 1.1176
The single European currency had an attempt to continue the bullish action from the past trading week on early Monday. However, things changed completely right on the European open.
Four active trading cycles were noticed on the hourly timeframe (see the chart below), each of them started with Stochastic RSI charting the bullish crossover and coming off the oversold territory.
The hourly chart below is divided into two parts. The initial phase of the trading week came along with the dominance of put options for EUR/USD. The crucial resistance range is at 1.1048/64, while
You can choose the needed type of account at any time!