Usdchf preparing for downtrend continuation. The pair closed the day at around 0.95800.its set a plan to go revisit the support at 0.95012 which if broken, the pair would continue rolling down to 0.9100 long term support. This is expected to happen between now and Wednesday this week.
Hello everyone! Good morning.
After the formation of the local low at 0.9501, the USD/CHF pair made a corrective pullback, moving upwards and working out the median of the H1 timeframe, 0.9609. It formed a local high at 0.9622, but was not able to update 0.9654. Thus, we should carefully watch the movement of the price.
The update of the local high at 0.9609 is now the priority, as the continuation of the downward movement is possible even without updating the local low at 0.9501.
The movement of the price in the H1 timeframe shows that the medians of the TMA channels, the ranks of the H4 and D1 timeframes, are above 0.9706 and 0.9693, respectively. If the price fixes above it (already at 0.9597), then the priority will be the upward movement of the price, and, accordingly, the dynamic targets upward, which are the medians of the H4 and D1 timeframes.
The sideways movement continues on the hourly chart of USD/CHF. On the lower timeframes (30 min), on the other hand, growth is already visible, so movement to the resistance level of 0.9700 is possible. If the price was able to break above 0.9700, the bulls will continue to move the price to the next resistance level at 0.9800.
However, a break down the red trend line will cancel the scenario.
Note though that the pair is trading above the Kumo cloud on the hourly chart, which indicates a bullish trend.
Moreover, the moving averages of EMA50 and EMA200 have almost crossed. A break from the bottom of the fast EMA50 (green line) to the slower EMA200 (red line) will form a bullish signal, or "Golden cross".
Hello to everyone who visits this thread!
Letís discuss the current situation of the US dollar/Swiss franc currency pair:
The buyers managed to break through the level of resistance and thus, the price immediately moved upwards, showing the strength of the direction. In the meantime, we went for a correction and considering that it is completed, the quotes of this currency pair have every reason to continue moving upwards or even higher with such bullsí pressure. It is clearly evident that we have an upward movement, and thus far, sellers have not displayed themselves enough to stop this trend. As a result, the bulls are actively pushing the price upwards. Most likely, the trend will continue to grow.
A detailed analysis of the price movement to determine possible options can be considered on the USD / CHF chart.
The bulls should break through the level of resistance in case that they want to continue to increase. Bulls, in turn, can also resist despite such pressure and push the price to the level located in the price area of 0.9690 which was previously broken. Considering that they managed to break through this level, the trend will stop and the option to move downwards will not be ruled out. Otherwise, we will remain in a flat movement. Today, everything is directed upwards and the priority continues to be purchases. Deals, in turn, are the most profitable with a pull back. Positions can also be opened with the current price.
Good luck to all traders and speculators~