Technical Analysis - USDCHF meets support at 200-SMA; long-term bullish outlook
- Loukas Koullas
Nevertheless, the short-term momentum indicators are mostly supporting a negative bias for the pair, as the RSI is found below its 50 neutral mark. Also, despite being above zero, the MACD is located below its red signal line, indicating that the bears might be gaining ground.
Should the price break above its 50-day SMA currently found at 0.9224, positive bias could resurface, sending the price to test the 0.9272 barrier. A decisive move above this point could pave the way towards the 0.9370 resistance before the bulls shift their attention towards the 0.9475 obstacle.
On the flip side, if the price crosses below the 200-day SMA currently at 0.9178, the bears could immediately face limitations near the 0.9157 support. A break below that level could pressure the price towards its June uptrend line currently located at 0.9120. Crossing below this crucial point could turn the fortunes around for the pair, sending its price to test the 0.9084 and 0.9018 obstacles sequentially.In brief, the long-term outlook remains positive with some immediate risks to the downside. For the current bullish sentiment to change, bears would need to break below the 200-day SMA.
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