USDCHF closes above its opening price after recovering from early selling pressure

Overview

USDCHF ended the week -0.23% lower at 0.9673 after gaining 20 pips (0.21%) today. Trading up to 24 pips lower after the open, USD/CHF managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (USDCHF as at Sep 14, 2018):

Friday's trading range was 44 pips (0.46%), that's below last trading month's daily average range of 56 pips. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

After moving lower in the previous session, the pair managed to close higher but below the prior day's open, forming a bullish Harami Candle.

After trading as low as 0.9635 during the day, the FX pair bounced off the key support level at 0.9641. The failure to close below the support might increase that levels importance as support going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

With four out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are EURUSD losing -0.56% and AUDUSD closing -0.51% lower. On the flipside the best performers have been USDCAD closing 0.28% higher and USDJPY gaining 0.13%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 1.46% and USDZAR closing 1.1% higher. The worst performers of the day have been TRYJPY tanking -1.2% and ZARJPY closing -1.06% lower. Read more