USD/CHF Price Outlook, Charts and Analysis
- US Dollar looking forward to PCE total and dual FED members speeches today.
- Looking during USD/CHF cost movement given mid-May
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USD/CHF– Trading Lower
On May 13, USD/CHF began a downtrend after figure out a lower-low during 1.0050.The span continued even reduce after unwell 4 times in a quarrel to mangle above 1.0121, though rebounded on May 24 from the turn discussed in a prior article, 1.0008. However, cost rallied after and unsuccessful to pass 1.0098, effectively capping any certain momentum.
Alongside this growth RSI remained next 50, emphasizing a strength of bearish momentum.
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USD/CHF DAILY PRICE CHART (FEB 4, 2019- May 31, 2019)
A closer demeanour during a USD/CHF daily draft shows a bears perplexing to retake initiative. However, any pierce reduce is fortuitous on violation and shutting next a May 24 low during 1.0008. This growth could lead cost to a reduce multi-day trade operation (0.9920- 1.0008), with an increasing odds of saying a reduce finish of a range. Weekly support zones of 0.9995-0.9988 and 0.9977 – 0.9971 (61.8% Fib) should be monitored. Additionally, pivotal supports levels during 0.9958 and 0.9939 also need to be considered.
A tighten above 1.0130 could meant a commencement of a bullish pierce towards 1.0215. Weekly and daily resistances during 1.0147, 1.0166, 1.0186 and 1.0201 should be watched closely.
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USD/CHF Two-HOUR PRICE CHART (May 21– 31, 2019)
Looking during a 2-hr chart, currently USD/CHF tested a neckline of a double-top settlement during 1.0049 3 times, however, it rose after. If a cost breaks and stays next 1.0049 it could trade towards a May 24 low during 1.0008. The daily support turn during 1.0024 should be in concentration as well. A mangle next 1.0008 could lead a span to trade towards a section of 0.9995 – 0.9988.
A mangle above 1.0085 could lead USD/CHF towards a May 22 high during 1.0099. If a span breaks a aforementioned high cost competence corner even aloft towards a May 21 rise during 1.0120. Weekly insurgency during 1.0108 should also be watched closely.
Written By: Mahmoud Alkudsi
Please feel giveaway to hit me on Twitter: @Malkudsi