USD/CHF technical analysis: Greenback nearing the October lows, consolidating near 0.9870 level

 

 

 

On the daily chart, USD/CHF is trading in a range below its main daily simple moving averages (DSMAs). The market is approaching the October low, currently at the 0.9837 price level. 

 

 

 

USD/CHF is under bearish pressure below its main SMAs as the market is nearing the 0.9855 support level. A break below this level can lead to an extension of the current bear leg towards the 0.9798 price level, according to the Technical Confluences Indicator. 

 

 

 

USD/CHF is trading below its main SMAs, suggesting a bearish bias in the near term. However, the market has been consolidation the recent losses this Thursday which is just a pause. Resistances can be seen at the 0.9875 and 0.9915 price levels, according to the Technical Confluences Indicator.