The support level looks too fragile to hold the price
The Inflation Rate has been published in Switzerland and the US will release FOMC Minutes. On the chart the price is descending in a channel and right now is on a support level but the support does not look that strong to pump up the price once more.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.97910 with resistance at 0.98270 which both lines are below the weekly pivot point at 0.98630. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 100 and the EMA of 200. The RSI is falling towards the oversold area, the MACD line is on the signal line in the neutral 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 downward trend.
Short positions are recommended towards 0.977.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.