USD/CHF Price Analysis: Absence of follow-up buying fades signs of reversal USDCHF DollarIndex YieldCurve SupportResistance Volatility
a mere 40-pips range on Thursday amid an absence of a potential trigger that could trigger a power-pack action. Also,The USD Index has slipped to near 101.60, demonstrating a subdued performance. Meanwhile, the US Treasury yields have rebounded after printing a multi-months low. The 10-year US Treasury Yields have recovered to above 3.39%.
On an hourly scale, USD/CHF is displaying a rangebound structure, which indicates volatility contraction that will be exploded after a critical trigger. The asset witnessed a responsive buying action after dropping to near 0.9085 on Wednesday. The absence of a follow-up buying is indicating that the recovery move could be faded sooner. Apart from that, the downward-sloping trendline from January 13 high at 0.9137 will act as a major barricade for the US Dollar.
The 20-period Exponential Moving Average at 0.9162 has overlapped the asset, demonstrating a sideways auction profile. Also, the Relative Strength Index is oscillating in a 40.00-60.00 range, showing a rangebound structure.needs to break above January 11 low of around 0.9200, which will drive the asset towards January 18 high at 0.9246 followed by January 16 high at 0.9289.
On the contrary, a breakdown of Wednesday’s low at 0.9085 will drag the major towards 4 June 2021 high at 0.9054. A slippage below the latter will drag the asset further towards 4 August 2021 low at 0.9018.
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