FX.co ★ USD/CHF

USD/CHF: The price seems to be attempting a downward turn today, visible on both the H4 & D1 chart and candlestick patterns. The last eight daily candles have been quite small, keeping the price flat without a significant upward rebound, indicating that the bulls for the USD/CHF pair are taking a break. It's likely that the bears could push the price even lower, possibly breaking below the 0.9000 mark and leading to further decline in the pair. Yesterday, we closed below the EMA-100, suggesting that the decline may continue today. Additionally, other major currencies are also moving against the dollar, adding to the downward pressure. There's also a possibility of reaching a higher target around 0.94096, but this would depend on news developments and price reactions. Another scenario for today's price movement could be consolidation below the support level of 0.90112, leading to a move towards lower support levels at 0.88396 or 0.87426. I'll be on the lookout for bullish signals near these support levels, anticipating a potential upward movement. Overall, I don't find anything particularly interesting locally today; instead, I'm focused on the possibility of a northern trend resumption and seeking bullish signals from nearby support levels.

The RVI indicator on the forum suggests a buyer advantage of 64.92% and indicates a southern trend. Today, there's no significant news expected from Switzerland, but from the USA, we have data on building permits, initial jobless claims, and industrial activity index, providing enough for fundamental analysis alongside technical analysis. In summary, I anticipate the pair to initially correct higher towards 0.9065 and then reverse southwards towards 0.8965.