The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
USD/CHF is capped by resistance
Information is not investment advice
USD/CHF may test lower levels this week as long as it keeps trading below the resistance at 1.01 (last week’s highs). The first downside target lies at the parity level (1.00). If this support is lost, we’ll see a deeper selloff. A doji with a long upper wick was formed on D1 on Friday — a negative sign. On H4, we see a lower high and the decline below 50-period MA.
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