USD/CHF Steadily Moves Back To 0.9000
ByLCMS Traders FX Analysis Team
JUN 14, 2021
USD/CHF bulls are gradually taking control after having dropped to 0.8924 during the last week. Currently, the pair is trading at 0.8997 with immediate resistance levels at 0.9012 and 0.9028. The near-term support areas are at 0.8977 and 0.8941.
On the intraday charts, the current price is above the SMA-14 which is at 0.8977. The SMA-50 is indicating resistance at 0.9074. The RSI is at 48 and has an upwards curve. The pair is also above the mid-Bollinger band which is at 0.8978 while the upper and lower bands are at 0.9024 and 0.8932 respectively. Considering the support area at the bottom and the presence of a couple of Dojis at the bottom favors buying entries at the following levels.
Direction: Buy
Entry: 0.8975
Take Profit Range: 0.9015 – 0.9035
Stop-Loss: 0.8945
An intraday closing above 0.9025 would be ideal for the bulls to move further higher in the coming days. On the downside, an intraday closing below 0.8960 would once again strengthen the bears and the likelihood of a drop below 0.8900 would be high.
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