ByLCMS Traders FX Analysis Team
AUG 12, 2021
USD/CHF Daily Forecast
USD/CHF bulls have stalled near 0.9230 after recovering from a recent low of almost 0.9050. The intraday resistance levels are at 0.9242 and 0.9277. The intraday support levels are at 0.9212 and 0.9174.
On the intraday charts, a small consolidation phase is building up even though technical indicators are still presenting a bullish picture. The SMA-14 is indicating support at 0.9123 and the SMA-50 support line is at 0.9134. The RSI is at 60 and appears flat at the moment while the MACD is above the middle line and also supportive of the bulls. However, analyzing the intraday price pattern suggests a relatively small two-way movement on either side. Therefore a buy entry would be ideal on small dips towards 0.9190 with a target of 0.9135 and a stop-loss at 0.9155.
On the flip side, a sudden spike towards 0.9265 (potential double top) favors selling entries near 0.9265 with a target of 0.9210 and a stop-loss at 0.9290.
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