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USD/CHF Trend Correction (July 3, 2014)
USD/CHF has been in a sharp selloff for the past couple of weeks, mostly due to US dollar weakness. However price has started pulling up after dipping close to the .8850 minor psychological support.
The Fibonacci retracement levels on the 1-hour time frame indicate that the pullback might last until the 38.2% level, which lines up with a former support area and the 200 SMA (simple moving average). However, price already seems to be finding resistance at the 100 SMA at the moment, with stochastic reflecting overbought conditions.
A selloff from those areas could last until the .8850 area once more if the non-farm payrolls release today turns out weaker than expected.
By Kate Curtis from Trader's Way
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