USD/CHF Refuses To Give Up

USD/CHF has been stubbornly refusing to go down despite being massively oversold during the past week. The exchange rate hovered around parity the whole week as indicators are flashing sell signals.

Most noticeably, the MACD and the RSI are now bearish as they have both crossed the overbought levels and have reversed from bullish to bearish.

The pair appears to be lagging behind the indicators which could be beneficial for traders who want to go contrarian and short the pair before the move has actually started.

If the bears are able to take control, they might bring the pair down to first support zone at 0.9720.

Chart: USD/CHF D1