Technical Analysis – USDCHF dives to 5 ½-year lows; brutal sell-off likely nears a bottom

Posted on July 31, 2020 at 6:33 am GMT

USDCHF is set to complete its sixth consecutive bearish week and close below the 0.9075 tough support area from May 2015, further confirming the break of a long-term range zone. The bias remains strongly negative as reflected by the downward-sloping simple moving averages (SMAs) and the weakening momentum indicators. However, hopes that the sell-off may soon lose steam are rising in the daily chart as the RSI is approaching a former base zone within oversold territory, while the MACD could [..]


Technical Analysis – USDCHF surrenders to bears; nearby support eyed

Posted on July 23, 2020 at 10:43 am GMT

USDCHF is bearishly exposed to the nearby 0.9258 support level after failing to crawl above the 61.8% Fibonacci retracement level of the March rally last week. The technical indicators are framing a discouraging picture for the short-term too, as the price is further deviating below the downward-sloping 20-day simple moving average (SMA) and the MACD is gaining negative momentum below its red signal line. The falling RSI, which is ready to cross below its 30 oversold mark is another negative [..]


Technical Analysis – USDCHF sustains a negative formation despite recent gains

Posted on July 16, 2020 at 1:04 pm GMT

USDCHF improved recently in an established negative structure and is tackling the 0.9457 level, that being the 61.8% Fibonacci retracement of the up leg from 0.9182 to 0.9900. Further backing the negative picture are the declining simple moving averages (SMAs). However, in spite of the prevailing negative charge within the Ichimoku lines, they reflect a stall in the descent, while the short-term oscillators signify strengthening positive sentiment. The MACD, in the negative region, has pushed above its red signal line, [..]

Technical Analysis – USDCHF driven by bears; next key support near 0.9320

Posted on July 9, 2020 at 7:39 am GMT

USDCHF resumed negative momentum this week after failing to climb above the 61.8% Fibonacci retracement level of the March rally that started from the 0.9181 bottom. On the downside there is no key support in sight until 0.9320, hence the sell-off may continue for a bit, with the RSI and the MACD endorsing that bearish view as the former has yet to find a bottom in the oversold area and the latter is strengthening southward again. A break below 0.9320 would expose the market to the 0.9255 [..]

Daily Market Comment – Gold soars on virus risks, softer dollar; US data awaited

Posted on July 1, 2020 at 8:41 am GMT

Gold extends bull run amid growing virus fears and US-China tensions; softer dollar helps too Stocks mostly positive as global recovery appears on track, but rally showing some signs of fatigue Markets await US ISM manufacturing and jobs data for direction Gold sets sights on $1800/oz as pandemic here to stay The safe-haven gold was scaling fresh 7½-year highs above $1785/oz on Wednesday even as investors maintained the view that the economic recovery from the pandemic will be a V-shaped [..]


Technical Analysis – USDCHF moves sideways, but negative trend still in play

Posted on July 1, 2020 at 7:19 am GMT

USDCHF has been consolidating in recent weeks, staying confined within a narrow sideways range between 0.9550 and 0.9420 since mid-June. Nonetheless, the broader price structure still consists of lower peaks and lower troughs, with the pair also trading below a downtrend line drawn from the peaks of March. Short term momentum oscillators are near their neutral levels, echoing the recent lack of direction. The RSI is just below 50 and seems to have flatlined, while the MACD is basically at [..]


Technical Analysis – USDCHF pushes higher, though downside risks remain

Posted on June 25, 2020 at 1:30 pm GMT

USDCHF climbed above the 50-period simple moving average (SMA) in attempts to boost positive momentum in an already prevailing negative structure. The falling 100- and 200-period SMAs support the negative picture while the 50-period SMA suggests the pair may drag on to challenge the short-term descending line drawn from May 27. The short-term oscillators reflect conflicting signals of directional momentum. The MACD has moved above its red signal line in the negative region and up to the zero mark, while [..]

Daily Market Comment – Dollar firms, stocks slip as spike in virus cases begins to cause worry

Posted on June 18, 2020 at 8:50 am GMT

Risk appetite wanes as markets start to take second wave fears more seriously Surge in cases in Beijing and US drive up dollar demand, weigh on stocks Pound weaker ahead of BoE decision; aussie and kiwi stumble on poor data Risk rally on pause as second wave threatens recovery A worrying increase in the number of new COVID-19 cases in several locations around the world appears to have put the brakes on the risk rally that just a few days [..]

Technical Analysis – USDCHF bears may lose their nerve in short-term

Posted on June 18, 2020 at 8:00 am GMT

USDCHF has been consolidating inside the 0.9433-0.9550 area over the past week, not far from the 50% and 61.8% Fibonacci retracement levels of the upleg with a low at 0.9191 and a top at 0.9900. With the MACD easing negative momentum in the bearish area and the flat RSI refusing to return to its 30 oversold mark, the pair could see a more encouraging course in the short-term. Note that a long-legged bullish doji has been created below the lower Bollinger [..]


Technical Analysis – USDCHF rebounds, but downtrend still in play

Posted on June 17, 2020 at 1:34 pm GMT

USDCHF recovered somewhat after touching a three-month low of 0.9375, but the rebound has been capped by the 50-period simple moving average (SMA) on the four-hour chart, and negative forces seem to have taken over again. The broader picture is still bearish, with the pattern of lower highs and lower lows not broken by the latest rebound. Momentum oscillators like the RSI and the MACD are both near their neutral levels, not revealing much about the next directional wave. If [..]

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