USD/CHF Pair Faces EMA50 Resistance; Bearish Momentum Possible at 0.89077

Posted Tuesday, May 9, 2023 by
Arslan Butt • 1 min read

The USD/CHF pair is facing strong resistance at the EMA50 level, with the stochastic showing a clear loss of positive momentum. This is expected to push the price towards resuming the bearish wave within the existing bearish channel. To do so, the price must surpass the 0.8860 level, opening the way for a rally towards 0.8800 and 0.8705 levels. However, holding above 0.8940 is crucial to continue the expected decline, as breaching this level may lead to a turn to rise and visit 0.9080 areas before any new attempt to decline.

The expected trading range for today is between 0.8810 support and 0.8960 resistance.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments