The descend seems to be on going still
Producer & Import Prices will be released in Switzerland and the US will publish Unemployment Claims and Crude Oil Inventories. On the chart the price has started a strong descend and broke below the support levels. The overall look of the chart is still bearish.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.98780 with resistance at 0.99150 which both lines are below the weekly pivot point at 0.99350. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is moving in middle ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 0.9863.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.