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Technical Analysis – USDCHF gathers pace ahead of US GDP data
April 28, 2023 12:27 pmVideo
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USDCHF has been capped below the resistance trendline of a former bearish channel, which the price re-entered to post a new two-year low of 0.8850.
Despite the unsuccessful attempts to return above 0.9000 over the past few weeks, the technical indicators show improvement in sentiment. The RSI has marked a new higher high in the bearish territory and the MACD is deviating above its red signal line. The stochastic oscillator has also changed trajectory to the upside.
If the bulls run above the 20-day SMA and beyond the 0.9000 psychological level, resistance could initially develop around the 0.9070 barrier. The 50-day SMA could next come in sight at 0.9155. Breaching that obstacle too may intensify upside pressures towards the almost one-year-old resistance line from June at 0.9300.
In the event the price pulls lower again, the bears will attempt to extend the downtrend below 0.8850 and towards the support trendline from May 2022 at 0.8760. Another failure here could confirm additional losses towards the channel’s lower bar at 0.8650.
Summing up, the short-term bias for USDCHF seems to be improving, though selling interest may not fade unless the pair climbs back above 0.9000.
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