Technical Analysis – USDCHF moves horizontally after strong fall around 0.93
October 8, 2020 10:29 am
USDCHF has been moving sideways since the soft rebound off the 0.9132 support level earlier this month but is still unable to recover the losses made at the end of September. In the short-term, the market could shift to the upside if the RSI surpasses the 50 level and the stochastic continues the upside move after it completed a bullish crossover within the %K and %D lines.
An extension to the upside and above the 0.9185 resistance and the 40-period simple moving average (SMA) could meet the area inside the Ichimoku cloud at 0.9215. Further up, resistance could run towards the 0.9245 barrier ahead of the 0.9295 hurdle.
If the pair weakens, the 0.9132 support would come in focus. Even lower, the 0.9074 level could attract a greater attention as any leg lower could worsen market’s bearish outlook, opening the way towards the 0.8996 obstacle.
Regarding the medium-term picture, the bearish sentiment deteriorated after the downfall from the 0.9295 resistance and only a move above this level could now help the market return to positive again.
USDCHF has been moving sideways since the soft rebound off the 0.9132 support level earlier this month but is still unable to recover the losses made at the end of September. In the short-term, the market could shift to the upside if the RSI surpasses the 50 level and the stochastic continues the upside move after it completed a bullish crossover within the %K and %D lines.
An extension to the upside and above the 0.9185 resistance and the 40-period simple moving average (SMA) could meet the area inside the Ichimoku cloud at 0.9215. Further up, resistance could run towards the 0.9245 barrier ahead of the 0.9295 hurdle.
If the pair weakens, the 0.9132 support would come in focus. Even lower, the 0.9074 level could attract a greater attention as any leg lower could worsen market’s bearish outlook, opening the way towards the 0.8996 obstacle.
Regarding the medium-term picture, the bearish sentiment deteriorated after the downfall from the 0.9295 resistance and only a move above this level could now help the market return to positive again.
The post Technical Analysis – USDCHF moves horizontally after strong fall around 0.93 first appeared on XM.
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