ByLCMS Traders FX Analysis Team
MAY 10, 2021
USD/CHF is trading lower despite having a higher gap opening. The pair dropped below the 0.9000 mark during the last week and is currently trading at 0.8996 on the first day of the new week. The intraday support levels are at 0.8977 and 0.8955. The near-term resistance areas are at 0.9000 and 0.9033.
On the intraday charts, the pair is strongly bearish. The RSI is in the deep oversold zone while the MACD is below the zero line and favors the bears. The pair is keeping below the moving averages, the SMA-14 is at 0.9105 while the SMA-50 is at 0.9235. Following the intraday and 4-hourly charts, the pair is currently good for selling near 0.9000 with a target 0.8950 and a stop-loss at 0.9022
An intraday closing below 0.8970 would further strengthen the bears and help challenge the 0.8900 support during this week. On the upside, bulls require sustained price action above 0.9060 to get back into the game.
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