USDCHF → Trades near 0.8870

[tradingwithmike]

USDCHF lost more than 100 pips in the previous session, due to the downbeat US inflation data. The USD/CHF pair extends the losses, trading near 0.8870 during the European session on Wednesday.

A decisive break below the latter could push the USD/CHF pair to reach the support region near 0.8800 psychological level lined up with September’s low at 0.8795.

The technical indicators for the USD/CHF pair reveal a bearish outlook. The 14-day Relative Strength Index (RSI) below the 50 level indicates downward pressure, signaling a bearish momentum and reflecting a weaker market sentiment.

On the upside, the psychological level at 0.8900 appears as the immediate resistance, followed by the 23.6% Fibonacci retracement at 0.8922. A firm break above the level could inspire the USD/CHF pair to explore the next resistance around the 50-day Exponential Moving Average (EMA) at 0.8986.

Moreover, the Moving Average Convergence Divergence (MACD) line, although below the centerline, is positioned above the signal line. This suggests a somewhat tepid momentum in the USD/CHF pair, indicating a less pronounced bearish sentiment.

 

[maxinger]

'USDCHF lost more than 100 pips in the previous session'

It means instead of shorting it, you traded against the trend resulting in a loss of 100 pips.

If you had traded with the trend, then it would be :

'traders profited more than 100 pips shorting USDCHF in the previous session'

 

[tradingwithmike]

'USDCHF lost more than 100 pips in the previous session'

It means instead of shorting it, you traded against the trend resulting in a loss of 100 pips.

If you had traded with the trend, then it would be :

'traders profited more than 100 pips shorting USDCHF in the previous session'

I didn't lose or win because I wasn't in the market. I don't usually trade on days of high volatility.

 

[expiated]

Was this on the economic calendar? I didn't see it...