ByLCMS Traders FX Analysis Team
MAY 6, 2021
USD/CHF recovery attempts are fading away as the pair has now dropped further to 0.9102. The intraday support levels are at 0.9088 and 0.9065. The intraday resistance levels are at 0.9122 and 0.9154.
The current price is below the Fibo 50% support level. The SMA-14 is indicating resistance at 0.9139 and the SMA-50 resistance area is at 0.9240. The pair is also keeping below the mid-Bollinger band which is at 0.9157. The upper and lower bands are at 0.9247 and 0.9067 respectively. The RSI is at 37 and MACD is below the zero line. Following the intraday and 4-hourly chart, the pair is presenting selling opportunities. A decent selling entry would be at or near 0.9115 with a target of 50 to 60 pips and a stop-loss at 0.9145.
An intraday closing below 0.9100 would be supportive of the bears and help them extend the downside towards 0.9050 and 0.9020 during this week. On the upside, bulls require a sustained price action above 0.9160 to build a recovery pattern.
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