Technical Analysis – USDCHF remains in bullish structure
April 19, 2024 8:27 am
USDCHF starts the day in red
RSI and MACD indicate negative retracement
USDCHF experienced an aggressive selling interest earlier in the day, but quickly turned higher to approach the 0.9095 barricade. The pair is moving sideways in the very short-term after the rest near the six-month high of 0.9150, while in the bigger outlook, the picture is strongly positive.
According to the technical oscillators, the MACD is slipping beneath its trigger line, remaining above the zero level, while the RSI is losing some momentum after the pullback off the 70 level.
In case of steeper bearish actions, immediate support is coming from the uptrend line and the 0.9000 psychological number. More selling interest may switch the outlook to a neutral one, hitting the 50-day simple moving average (SMA) at 0.8920 ahead of 0.8895.
On the other hand, if the bulls take the price above the 0.9150 resistance, then a violation of the 0.9240 hurdle, registered on October 3, could confirm the strong bullish scenario.
All in all, USDCHF has been positive since the end of December; however, a plunge below the 200-day SMA could change the bias to bearish.
USDCHF starts the day in red
RSI and MACD indicate negative retracement
USDCHF experienced an aggressive selling interest earlier in the day, but quickly turned higher to approach the 0.9095 barricade. The pair is moving sideways in the very short-term after the rest near the six-month high of 0.9150, while in the bigger outlook, the picture is strongly positive.
According to the technical oscillators, the MACD is slipping beneath its trigger line, remaining above the zero level, while the RSI is losing some momentum after the pullback off the 70 level.
In case of steeper bearish actions, immediate support is coming from the uptrend line and the 0.9000 psychological number. More selling interest may switch the outlook to a neutral one, hitting the 50-day simple moving average (SMA) at 0.8920 ahead of 0.8895.
On the other hand, if the bulls take the price above the 0.9150 resistance, then a violation of the 0.9240 hurdle, registered on October 3, could confirm the strong bullish scenario.
All in all, USDCHF has been positive since the end of December; however, a plunge below the 200-day SMA could change the bias to bearish.
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