ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

USDCHF Trades Inside Triangle Range Gaining Traction for a Breakout Towards 0.9800 Level

Share On Facebook
share on Linkedin
Print

Through the early European session, the USDCHF pair exchanged with a slight positive bias, though missing any significant follow-through buying and staying constrained beneath weekly highs. Though the level of 0.9800 remains in reach as USDCHF trades inside the triangle gaining momentum for a probable breakout.

©
USDCHF Price Analysis – May 16

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9669, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
The pair have repeatedly faced opposition from a technical viewpoint, near the triangle’s very critical upside trendline. The price swings also, additionally, seen able to offer solid dip-buying that supports the potential for further gains. Waiting for a steady push beyond the 0.9800 marks would be prudent as well to validate the bullish bias.

The Swissy was last seen trading near the region of 0.9738 as market participants now look to the required momentum for a drive to level 0.9800. If sellers regain control and move underneath the moving average of 5 and 13, immediate support may emerge from the ascending trendline around 0.9700 level and the low-level horizontal support of 0.9669.

USDCHF Short term Trend: Ranging
USDCHF trade sideways whilst testing the 0.9766 resistance level on the pathway. The view is consolidated with the market being somewhat bumpy at present indicating little or no directional bias.

That being said, a daily closing beyond the resistance level of 0.9766 could encourage more buying and a 0.9800 level retest while a daily closing underneath the level of 0.9700 may be seen as bearish. On the contrary, a test at 0.9902 high level would seek a breach of 0.9800 level.

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com