ByLCMS Traders FX Analysis Team
MAY 17, 2021
USD/CHF minor correction period is over as the pair has now once again moved below the Fibo 61.8% support zone. Currently, the pair is trading at 0.9018 with immediate support levels at 0.9000 and 0.8972. The intraday resistance levels are at 0.9027 and 0.9048.
The intraday charts are presenting a bearish outlook and it seems the last week’s low (0.8970) is likely to be extended. The RSI is at 38 and the still away from an absolute oversold zone. The MACD is below the zero line and supportive of the bears. The SMA-14 is indicating resistance at 0.9067 and the SMA-50 is showing resistance at 0.9214. Following the intraday and 4-hourly price patterns, the pair is currently good to sell near 0.9030 with a target of 0.8975 and a stop-loss at 0.9060.
An intraday closing below 0.9000 would be supportive of the bears and help them extend the downside towards 0.8920. On the upside, bulls need an intraday closing above SMA-14 (0.9065) to back into the game.
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