USD/CHF Heads Towards A Lower Weekly Closing

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUL 30, 2021

USD/CHF is heading deep into the bearish territory following weakness in the USD. Currently, the pair is trading at 0.9057 with immediate support levels at 0.9038 and 0.9017. The intraday resistance levels are at 0.9077 and 0.9100.

On the intraday charts, the pair appears to be heading towards the previously held support area of 0.8950. The SMA-14 is indicating resistance at 0.9153 and the SMA-50 resistance line is at 0.9106. The pair is keeping below the mid-Bollinger band which is at 0.9164. The RSI is at 37 and still away from an absolute oversold zone. Considering the intraday and 4-hourly price pattern and analyzing the nearby support zones the pair is ideal for selling entries on small rallies using the following levels

Direction: Sell

Entry: 0.9075

Take Profit: 0.9030

Stop-Loss: 0.9105

A weekly closing below 0.9030 would be ideal for the bears to extend the downside during the next week. On the upside, bulls require a sustained price action to breach above the 0.9100 resistance and gain some ground during the next week.