Trend reversal signals have been issued
Producer & Import Prices and SECO Economic Forecasts have been published in Switzerland and the US will release Import and export Prices. On the chart the price has declined majorly and after reaching to the support level at 0.988, an ascending channel has formed.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.99130 with resistance at 0.99790 which the weekly pivot point at 0.99200 is located in between the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is falling towards 50 level, the MACD line is above the signal line in the positive territory and the Stochastic is showing downward momentum. The ADX is showing weak buy signal. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The support level breakthrough will push the price down towards 0.9880; otherwise long positions are recommended towards 0.99900.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.