The trend is still powerfull
There are no major economic reports in Switzerland therefore all eyes will be on the US economic reports. On the chart the price is moving within an ascending channel. The channel has not been broken to either sides yet and the overall look of the chart is bullish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.99940 with resistance at 1.00150 which both lines are above the weekly pivot point at 0.9983. The EMA of 10 is moving horizontally in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is rising towards overbought area, the MACD line is on the signal line in the neutral territory and the Stochastic is moving in high ranges. The ADX is showing buy signal. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 1.00300.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.