Denis Joeli Fatiaki
Independent Analyst
USD/CHF: US dollar bounced back at 0.99180; critical resistance at 0.99385
What is going on now with USD/CHF?
USD/CHF: The US dollar advanced to its 500 EMA at 0.99600 in the 60 minutes price chart in yesterdays session; however, the pair failed to continue at 0.99600 and pulled back to 0.99180 support during the overnight session. The US dollar has progressed to the upside in this mornings session, holding its position above 0.99260 support.
Our forecast
USD/CHF: The US dollar currently trades at 0.99326 and could continue to its next target at 0.99385 if it maintains above 0.99260 support. The pair could continue to 0.99500 if it breaks through 0.99385. The US dollar could fall to 0.99035 if it fails at 0.99180 support.
Support/short target -0.99260, 0.99180, 0.99035, and 0.98965
Resistance/Long Target- 0.99385, 0.99500, 0.99600, and 0.99700
Chart 1: The short-term view of the USD/CHF price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/CHF price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.
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