A trend reversal is about to happen
There are no major economic reports in Switzerland but the US will publish Michigan Consumer Sentiment Index, Personal Spending and PCE Core. In the price chart the price has descended significantly and is now the market looks sideway. We expect a growth in the next few days
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.94670 with resistance at 0.94940 which both lines are below the weekly pivot point at 0.95120. The EMA of 10 is moving horizontally in the horizontal channel and it is located below the EMA of 200 and the EMA of 100. The RSI is moving on 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is moving in low ranges. The ADX is showing sell signal. The price is above the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing an upward trend and the Kijun-sen is showing a downward trend.
Long positions are recommended towards 0.95150.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.