Bulls are taking over the market
SNB Quarterly Bulletin will be released in Switzerland and the US will publish EIA Crude Oil Stocks Change and Fed Interest Rate Decision. On the chart, the price line, after having a significant decline, has formed an ascending channel and is now growing.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.99840 with resistance at 1.00290 which both lines are above the weekly pivot point at 0.99560. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is falling towards 50 level, the MACD line is on the signal line in the neutral 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.
Long positions are recommended towards 1.0025.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.