Blog post

Technical Analysis: Multiple bottoms around 0.9590/85 keeps USDCHF buyers hopeful

With a five-week-old horizontal area restricting the USDCHF downside, the pair pops up on the buyers' radars. In doing so, a 200-bar SMA level of 0.9705 becomes the first levels to aim while 23.6% Fibonacci retracement near 0.9730 can challenge buyers next. Given the upward sloping RSI conditions joining the upbeat sentiment, the pair can cross April month high close to 0.9800 if it manages to stay positive beyond 0.9730.

On the contrary, a sustained closing below 0.9585 will now hesitate to recall March 30 low near 0.9500. Though, 61.8% Fibonacci retracement near 0.9455 can question the bears afterward. In a case where the sellers dominate below 0.9455, 0.9385 and 0.9320 can offer intermediate halts during the quote south-run towards the March month bottom surrounding 0.9180 will return to the charts.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4