USD CHF holding its decline
9/7/2016 12:10:23 PM
The USD/CHF pair expands its slip more below 100-day SMA and has now fell to 8-day low to currently trade around 0.9685 region. Having confronted rejection on Tuesday from around 0.9800 handle, just below the very important 200-day SMA, the pair came under strong selling pressure after the US ISM non-manufacturing PMI unpredictably dropped to 51.4 in August and now appears to have reduced views of an ultimate Fed rate-hike action in September. The pair is now developing to Tuesday's sharp reversal and is holding its break below 50-day and 100-day SMAs convergence support. From now, remains at risk to carry on sliding more in the near-term. A follow through weakness below 0.9670 immediate support is likely to speed up the slide towards 0.9620 support area, below which a fresh leg of weakness looks to drag the pair back towards 0.9540 support region. In the meantime, any recovery back above 0.9710 handle might now meet strong persistence at 100-day SMA near 0.9750 region, which is closely followed by 50-day SMA persistence near 0.9760 level.
Fundamental Analysis by
https://www.fxervin.com/
