Technical Analysis – USDCHF recoups some losses near 0.9900
October 27, 2022 11:29 amVideo
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USDCHF is recouping some of the losses of the preceding couple of days, while in the previous week, the market posted a spike towards a fresh three-year high of 1.0147.
Currently, the price is developing beneath the 20-day simple moving average (SMA), while the technical oscillators are suggesting a weakening bias. The MACD is standing beneath its trigger line in the bullish area and the RSI is flirting with the neutral threshold of 50.
In case of further losses, the bears may take the price towards the 50-day SMA at 0.9800 ahead of the 0.9735 support. Beneath these obstacles, the 200-day SMA at 0.9580 could be a crucial level for a rebound.
Alternatively, any advances above the 0.9915 inside swing low could take the price until the next resistance of 1.0070 ahead of the previous peak of 1.0147. Beyond that, the outlook could be brighter to the upside.
All in all, in the medium-term timeframe, the outlook is positive, while in the very short-term, the bias is bearish.
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