USD/CHF Remains Depressed Below 0.9200 Level

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 12, 2021

USD/CHF is trading 0.24% higher to 0.9143 following a 2-days consecutive decline. The pair’s intraday support levels are at 0.9124 and 0.9105. The near-term resistance areas are at 0.9177 and 0.9200.

The pair is moving lower after hitting a high of 0.9271 during the last week and the current price has now moved below the SMA-14 which is at 0.9197. The SMA-50 is indicating support at 0.9073. The pair is also keeping below the mid-Bollinger band while the upper and lower bands are at 0.9302 and 0.9052 respectively. The RSI is at 49 and the MACD is below the middle line. Following the intraday and 4-hourly price patterns, the pair is likely to dip further which makes it ideal for short entries using the following levels

Direction: Sell

Entry: 0.9165

Take Profit: 0.9115

Stop-Loss: 0.9195

An intraday closing near 0.9120 would help bears to breach below the SMA-50 support line during this week. On the upside, an intraday closing above 0.9200 would once again help bulls to resume the uptrend.