USDCHF Backs Off Higher Prices On Loss Of Momentum

Technical analysis of Forex market

USDCHF backs off higher prices on loss of upside momentum on Friday. This development leaves risk of more weakness on the cards. Resistance comes in at the 1.0100 level. A break of here will clear the way for more gain towards the 1.0150 level. Above here, resistance lies at the 1.0200 level and then the 1.0250 level. On the downside, support is seen at the 1.0000 level. A turn below there will set the stage for more decline towards the 0.9950 level. And then the 0.9900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF faces further downside pressure on price pullback.

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