Current trend
USD declined significantly against CHF on Thursday, noting a new local minimum since April 25. Development of the "bearish" trend is facilitated by the widespread weakening of USD against its main competitors against the backdrop of the publication of mixed macroeconomic statistics from the US.
On Thursday, investors were disappointed with data on the slowdown in the growth of the dynamics of consumer credit in April from 11.62B dollars to 9.26B dollars, with a forecast of 13.75B dollars.
Investors are waiting for the meeting of the G7 leaders in Canadian Quebec on Friday. As expected, the focus will be on the US introduction of 25% export duties on metals produced in the EU and Canada. Probably, the parties will make a last attempt to agree. In case of its failure, the EU and Canada can introduce reciprocal import duties on the US goods.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is slightly expanding, hardly conforming to the "bearish" trend development. MACD is going down preserving a slight sell signal (being located below the signal line). Stochastic has long been demonstrating uncertain dynamics, being located near the "20" mark, which can be called a formal limit of oversold dollar.
Current showings of the indicators do not contradict the further development of the "bearish" trend in the short term.
Resistance levels: 0.9825, 0.9850, 0.9869, 0.9910.
Support levels: 0.9800, 0.9786, 0.9760.
Trading tips
Long positions may be opened if the instrument rebounds from the level of 0.9800 followed by the breakout of 0.9825 mark. Take-profit – 0.9900. Stop-loss – 0.9786.
A confident breakdown of the level of 0.9800 may be a signal to further sales with targets at 0.9760 or 0.9730 marks. Stop-loss – 0.9840.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9830
Take Profit 0.9900
Stop Loss 0.9786
Key Levels 0.9760, 0.9786, 0.9800, 0.9825, 0.9850, 0.9869, 0.9910
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9760, 0.9730
Stop Loss 0.9840
Key Levels 0.9760, 0.9786, 0.9800, 0.9825, 0.9850, 0.9869, 0.9910
USD declined significantly against CHF on Thursday, noting a new local minimum since April 25. Development of the "bearish" trend is facilitated by the widespread weakening of USD against its main competitors against the backdrop of the publication of mixed macroeconomic statistics from the US.
On Thursday, investors were disappointed with data on the slowdown in the growth of the dynamics of consumer credit in April from 11.62B dollars to 9.26B dollars, with a forecast of 13.75B dollars.
Investors are waiting for the meeting of the G7 leaders in Canadian Quebec on Friday. As expected, the focus will be on the US introduction of 25% export duties on metals produced in the EU and Canada. Probably, the parties will make a last attempt to agree. In case of its failure, the EU and Canada can introduce reciprocal import duties on the US goods.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is slightly expanding, hardly conforming to the "bearish" trend development. MACD is going down preserving a slight sell signal (being located below the signal line). Stochastic has long been demonstrating uncertain dynamics, being located near the "20" mark, which can be called a formal limit of oversold dollar.
Current showings of the indicators do not contradict the further development of the "bearish" trend in the short term.
Resistance levels: 0.9825, 0.9850, 0.9869, 0.9910.
Support levels: 0.9800, 0.9786, 0.9760.
Trading tips
Long positions may be opened if the instrument rebounds from the level of 0.9800 followed by the breakout of 0.9825 mark. Take-profit – 0.9900. Stop-loss – 0.9786.
A confident breakdown of the level of 0.9800 may be a signal to further sales with targets at 0.9760 or 0.9730 marks. Stop-loss – 0.9840.
Implementation period: 2-3 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9830
Take Profit 0.9900
Stop Loss 0.9786
Key Levels 0.9760, 0.9786, 0.9800, 0.9825, 0.9850, 0.9869, 0.9910
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9760, 0.9730
Stop Loss 0.9840
Key Levels 0.9760, 0.9786, 0.9800, 0.9825, 0.9850, 0.9869, 0.9910