USD/CHF Outlook for May 29, 2023
May 29, 2023 1:22 pmVideo
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USD/CHF is developing a long-term downward dynamic, trading within the bearish territories of the long-term and medium-term markets, below key resistance levels at 0.9265 (200 EMA on the daily chart), 0.9285 (50 EMA on the weekly chart), 0.9375 (144 EMA on the weekly chart), 0.9410 (200 EMA on the weekly chart).
Today, USD/CHF is declining amid the weakening of the dollar, testing a crucial support level at 0.9030 (50 EMA on the daily chart).
Another important support level is located at 0.9000 (200 EMA on the 1H chart).
A breakdown of the significant short-term support level at 0.9018 (200 EMA on the 1H chart) will be the first signal for resuming short positions, and a breakdown of the 0.9000 support level will confirm it.
In an alternative scenario, the price will break through the resistance levels 0.9073 (local resistance level), 0.9107 (23.6% Fibonacci level of the upward correction wave that started in April 2019 near the 1.0235 mark) and continue to correct towards key resistance levels 0.9205 (144 EMA on the daily chart), 0.9265, 0.9285.
Further growth is currently unlikely, considering the long-term downward dynamic of the pair.
Support levels: 0.9035, 0.9030, 0.9018, 0.9000, 0.8930, 0.8820
Resistance levels: 0.9073, 0.9107, 0.9205, 0.9265, 0.9285, 0.9300, 0.9375, 0.9410
The material has been provided by InstaForex Company – www.instaforex.com
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