The 27 November USDCHF Technical Analysis shows that the pair has failed to hold consistently above the parity. The road is wide-open for further decline.
27 November, Swissquote – The USDCHF currency pair hit the 0.9800 level and closed the last week trading below it, beginning the way towards extending the bearish correctional wave to 0.9730 level in the upcoming period, discerning that the price begins today with slight bullish bias affected by stochastic positivity, to move above 0.9800.
The US dollar index edged slightly higher on Monday but remained in a firm downtrend extending all the way back to the start of the month. The DXY basket is currently trading at multi-month lows.
27 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 favours nonetheless a long-term bullish bias since the unpeg in January 2015.
This article ‘ 27 November USDCHF Technical Analysis ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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