ByLCMS Traders FX Analysis Team
JUN 8, 2021
USD/CHF has once again moved below the 0.9000 level and is currently trading at 0.8970. The intraday support levels are at 0.8963 and 0.8942. The near-term resistance areas are at 0.9016 and 0.9036.
On the intraday chart, the current price is on the lower side of the ongoing range and a breach below this level would likely extend the downside. The SMA-14 is indicating resistance at 0.8977 and the SMA-50 resistance line is at 0.9109. The mid-Bollinger band is at 0.8946 while the upper and lower bands are at 0.9066 and 0.8922. The RSI is at 42 and appears flat. Considering the intraday and 4-hourly price patterns, the pair is likely to dip further therefore selling entries would be ideal at the following levels
Direction: Sell
Entry: 0.8985
Take Profit Range: 0.8940 – 0.8625
Stop-Loss: 0.9015
An intraday closing below 0.8940 would help bears challenge the 0.8930 support line and move further lower. On the upside, bulls require a sustained price action above 0.9025 to once again move higher.
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