The support level looks too fragile to hold the price
Foreign Currency Reserves was released in Switzerland and the US Federal Reserve Chairman Jerome Powell will deliver a speech. The fundamental new released about USD/CHF do not seem to be that effective on USD or CHF price, also the current support level which pumped the price upward a few times before, is being penetrated by the price at the moment.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.92420 with resistance at 0.93100 which the weekly pivot point at 0.94230 is located above the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 100 and above the EMA of 200. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is showing downward momentum. The ADX is showing sell signal. The price is below the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a horizontal trend and the Kijun-sen is showing a horizontal trend.
Short positions are recommended towards 0.92100.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.