Technical Analysis
20.11.2020, 05:41

USD/CHF has consolidated below MA 200 H1

Yesterday the USD/CHF traded in different directions in the range Chf0.9100-Chf0.9140 and closed the day without significant changes. Today it also traded in a narrow range of Chf0.9095-10, staying close to yesterday's closing price. On the hourly chart, USD/CHF has returned below the MA line (200) H1 (Chf0.9130). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CHF remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.

  • Resistances levels are at: Chf0.9150, Chf0.9190-95, Chf0.9240

  • Support levels are at: Chf0.9090, Chf0.9055, Chf0.8985

Probably, the main scenario - is a subsequent decline towards Chf0.9090 (Nov 17 low). Alternative scenario - may be final consolidation above the MA 200 H1 level, with further advance towards Chf0.9190 (Nov 11 high).

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