Bullish trend has not ended yet
There are no major economic reports in Switzerland and the US will publish ISM Manufacturing and Unemployment Claims. On the chart, the price line has formed an ascending channel. The price has just had a correction phase and is ready for another ascending leg.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 0.98120 with resistance at 0.98420 which both lines are above the weekly pivot point at 0.97510. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is moving in overbought area, the MACD line is above the signal line in the positive territory and the Stochastic is moving in high ranges. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing an upward trend.
Long positions are recommended towards 0.9860.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.