Top of the channel was reached
Swiss franc is losing momentum against USD. On the chart, the price line has formed an ascending channel. USD/CHF price reacted to the top and base line of the channel several times in the past. Yesterday price grew to the top of the channel once more and a decline is expected.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.99160 with resistance at 0.99910 which both lines are above the weekly pivot point at 0.98950. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 0.99150.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.