Spot has finally filled the gap on the hourly charts produced by the weekly open below 1.24. USD/CHF opened the week at 1.2395, down from the 1.2420 close seen Friday. However, the final hour of last week opened at 1.2412 so the recent rally to 1.2413 has seen the charts back-fill to complete the technical picture.
Dealers talk of smaller intraday short positions swept away in the break above 1.2400 but until a clear break of the 1.2420 Friday failure high is seen the topside is expected to remain capped. As a result sellers could return and the near overbought hourly conditions could also weigh in the short-run.
No comments:
Post a Comment