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USD/CHF Continues Pointing To The Lower Side

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USD/CHF Continues Pointing To The Lower Side

ByLCMS Traders FX Analysis Team

 JUN 9, 2021

USD/CHF remains vulnerable to the downside as bears push further below 0.9000. Currently, the pair is trading at 0.89644 with immediate support levels at 0.8648 and 0.8926. The intraday resistance levels are at 0.8985 and 0.9018.

On the intraday charts, the pair is keeping below the SMA-14 which is at 0.8976 while the SMA-50 is indicating resistance at 0.91002. The pair is also below the mid-Bollinger band (0.8983) and the upper and lower bands are at 0.9046 and 0.8927 respectively. The RSI is at 42 and appears flat while the MACD is below the zero line and supportive of the bears. Following the intraday price pattern, the pair is ideal to sell at the following levels.

Direction: Sell

Entry: 0.8980

Take Profit Range: 0.8940 – 0.8925

Stop-Loss: 0.9010

The 0.8925 is a strong support area and bears require to breach below this level to move further lower. Failing to achieve that bulls are more likely to intervene and once again take the price above the 0.9000 mark.

 

USD/CHF Continues Pointing To The Lower Side

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