USD/CHF Continues Pointing Downwards
MAY 26, 2021
USD/CHF is trading almost unchanged at 0.8952 after making a low of 0.8930 on Tuesday. The intraday price pattern is bearish with immediate support levels at 0.8644 and 0.8918. The near-term resistance zones are at 0.8977 and 0.8990.
On the intraday charts, the technical indicators are presenting a bearish picture. The RSI is at 37 and appears to be entering a further bearish zone. The MACD is below the zero line and supportive of the bears as well. The SMA-14 is indicating resistance at 0.9000 and the SMA-50 resistance area is at 0.9179. Considering the likelihood of RSI entering a further oversold zone and the intraday price pattern the pair is currently ideal for sell entries upon small rallies.
Take Profit: 0.8935
A breach below 0.8930 would help bears extend the downside and move towards 0.8900 and 0.8870 levels during the week. On the upside, bulls require an intraday closing above 0.9000 to start building a recovery pattern.
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