The 24 November USDCHF Technical Analysis shows that the pair has failed to hold consistently above the parity. The road is wide-open for further decline.
24 November, Swissquote – The USDJPY pair shows slight positive trading after testing 111.00 level, affected by stochastic positivity that loses its bullish momentum clearly and approaches the overbought areas, to support the chances of bouncing bearishly and continue the correctional bearish bias.
The Purchasing Managers Index for November came in at 53.8. That was the highest point since March 2014 and a full point above October’s 52.8. In the logic of PMI releases, any reading above 50 signifies expansion for the sector in question.
24 November USDCHF Technical Analysis
• USD/CHF’s technical structure is clearly bearish. The technical structure indicates further downside risks. The pair has failed to hold consistently above the parity. The road is wide-open for further decline.
• In the long-term, the pair is still trading in a range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favors nonetheless a long-term bullish bias since the unpeg in January 2015.
This article ‘ 24 November USDCHF Technical Analysis ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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