FxWirePro: USD/CHF inverted head and shoulder struggles to get momentum – Trade boundary strikes as major trend stuck in range
USDCHF bulls, on intermediary terms, seem to be struggling to get bullish momentum. The pair forms inverted head and shoulder pattern with head at 09187, shoulder 1 at 0.9420 and shoulder 2 at 0.9542 levels.
This bullish pattern chart evidences upswings, but overbought pressure shown by momentum oscillators hamper interim buying sentiments, while shooting stars & hanging man patterns pop at 1.0053 and 0.9996 levels that counter previous buying sentiments.
RSI shows faded strength at 62 levels, while stochastic curves show %D crossover that indicates selling momentum.
On a broader perspective, the major trend is still stuck in the range, the stiff resistance levels are observed at 0.9982 and 1.0042 areas, strong supports are observed at 0.9846 levels.
Trade tips: On daily trading grounds, at spot reference: 0.9934 levels, we advocate buying boundary binary strategy, using upper strikes at 1.0125 and lower strikes at 0.9719 levels. The strategy is likely to fetch leveraged yields as long as the underlying price remains between above strikes on the expiration.
Currency Strength Index: FxWirePro's hourly CHF spot index is inching towards -128 levels (which is bearish), hourly USD spot index was at 14 (mildly bullish), while articulating (at 06:52 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex