Yesterday the asset broke above the 50 MA on the hourly chart. Putting a brief pause to the extensive downtrend it had been on. Today the market opened above the pivot price, which is at 1.3470. The RSI is mixed as it is around the neutrality zone and is not quite giving a definite signal.
Posted on: May 24, 2017
USDCHF was on a downtrend for the better part of last week and could continue the bearish trend this week. However looking closely at the 1 hour chart reveals that there is a level of divergence currently in play. The market opened today below the pivot price which is at 0.9765, technical indicators are bearish and so we can easily say best recommendations are short trades. But the divergence on the chart must be watched very closely (the dotted white lines on the chart and the RSI). It shoes the RSI with a series of higher lows, but market price with a series of lower lows. This may indicate the trend will end soon.
Posted on: May 22, 2017
This asset has been fortunate to have a series of positive fundamentals in the past week. From the agreement of an output cut extension beyond 2017, to latest inventory figures showing a reduction of quantity in storage. This has allowed price gain enough momentum to be in a bullish channel. Today the market opened above the pivot price which is at 51.7.
Posted on: May 18, 2017
As can be seen from the chart, the pair is in a bearish channel with the trend confirmed by the 30 and 50 hourly moving average lines. As at the time of this analysis, price seems to have bounced off the resistance line of the channel and looks to head downwards towards support.The market opened today below the pivot price which is at 1.36550.
Posted on: May 17, 2017
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