Technical Analysis – USD/CHF rises to 2-month high

USD prognoz2 dollarUSDCHF held its rally for the fourth day in a row, climbing to a fresh two-month high of 0.9244. The RSI in the daily chart continues to head higher near the overbought territory, while the MACD is stretching its upward movement above the zero level. Also, the 20- and 40-day simple moving averages (SMAs) are creating a bullish crossover, suggesting more upside movements.

Should the price close comfortably above the Ichimoku cloud, it could add more positive momentum to the pair, pushing the market up to the 38.2% Fibonacci retracement level of the downward wave from 0.9900 to 0.8996 at 0.9342. Marginally above this level the price may challenge the 0.9360 mark ahead of the 50.0% Fibonacci of 0.9450.

In the negative scenario, a drop beneath the 0.9200 handle, could see the market retest the SMAs at 0.9118. If it proves easy to overcome this level, the decline may next pause somewhere between the five-and-a-half-year low of 0.8996 and the 0.9050 support levels.

In brief, USDCHF is ticking up in the short-term but is still in a bearish move in the medium term.

Origin: XM

Рейтинг FOREX брокеров

Рекомендуемые брокеры


 

Leave a Reply