See also
USD/CHF is trading near 0.9592 as of this writing, down from a nearly 2-week high at 1.0020.
Despite the decline, the long-term upward trend of USD/CHF remains, while the pair reached important support levels at 0.9615 (50 EMA on the daily chart), and 0.9595 (the lower limit of the ascending channel on the daily chart), from which a rebound and resumption of growth is possible.
A strong upward impulse prevails, which is provided primarily by the prospects for further strengthening of the dollar against the backdrop of the Fed's monetary policy, the most aggressive in comparison with the policies of other major world central banks.
If, as we assumed, there is a rebound from the current support levels, then the first ("fast") signal for entering long positions will be a breakdown of the local resistance levels at 0.9630, 0.9642, and the confirming one will be a breakdown of the resistance levels at 0.9687 (200 EMA on the 4-hour chart), and 0.9733 (200 EMA on the 1-hour chart).
In an alternative scenario, and if the fundamental background still pushes the USD/CHF quotes lower, the downward correction may continue up to the support levels 0.9435 (200 EMA on the weekly chart), and 0.9410 (144 EMA on the daily chart).
A breakdown of support levels 0.9360 (200 EMA on the daily chart), and 0.9325 (38.2% Fibonacci retracement of the upward correction to the downward wave that began in April 2019 near 1.0235) may once again push USD/CHF into the bear market zone.
It should be noted that today's publication (at 12:30 GMT) of the report of the US Bureau of Economic Analysis with data on the country's GDP can become a new driver of movement.
Support levels: 0.9615, 0.9595, 0.9500, 0.9495, 0.9435, 0.9410, 0.9380, 0.9360, 0.9325, 0.9300
Resistance levels: 0.9630, 0.9642, 0.9670, 0.9687, 0.9733, 0.9900, 1.0000, 1.0020, 1.0063
Trading tips
Sell Stop – 0.9565. Stop-Loss – 0.9655. Take-Profit –0.9500, 0.9495, 0.9435, 0.9410, 0.9380, 0.9360, 0.9325, 0.9300
Buy Stop – 0.9655. Stop-Loss – 0.9565. Take-Profit – 0.9670, 0.9687, 0.9733, 0.9900, 1.0000, 1.0020, 1.0063
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Thursday Trade Review: GBP/USD, 1H Chart On Thursday, the GBP/USD pair continued its downward movement, mirroring the EUR/USD pair. The behavior of these two major currency pairs was nearly identical
EUR/USD 5M Analysis On Thursday, the EUR/USD currency pair continued its sluggish decline, completely ignoring the fundamental backdrop. As a reminder, this week Donald Trump announced new tariffs targeting both
Wednesday Trade Analysis: GBP/USD – 1H Chart On Wednesday, the GBP/USD pair was also stuck in a flat movement, with very low volatility. There were virtually no price movements during
Wednesday Trade Analysis: EUR/USD – 1H Chart On Wednesday, the EUR/USD pair continued to trade in line with the prevailing trend from the previous week. Market activity was minimal throughout
On Wednesday, GBP/USD remained within its descending channel. However, a more interesting setup emerged in the 4-hour time frame, where the price attempted several times to break through the Senkou
On Wednesday, the EUR/USD pair continued moving within a weak downward channel, as previously forecast. However, volatility dropped to a minimum, there was no macroeconomic backdrop for the third consecutive
On Tuesday, the GBP/USD pair continued its moderate downward movement, which is clearly of a technical and corrective nature. On both Monday and Tuesday, there were no significant macroeconomic events
On Tuesday, the EUR/USD currency pair continued its mild downward movement in line with the prevailing trend. After a fairly strong upward move, the market began a correction. The nature
InstaTrade
video analytics
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.