USD/CHF Pair Faces EMA50 Resistance; Bearish Momentum Possible at 0.89077
Arslan Butt•Tuesday, May 9, 2023•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.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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