USD/CHF Remains Depressed Despite Yesterday’s Recovery

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 AUG 5, 2021

USD/CHF Daily Forecast

USD/CHF closed higher at 0.9076 yesterday after making a low of 0.9016. Currently, the pair is trading 0.05% lower to 0.9060 with immediate support levels at 0.9044 and 0.9023. The intraday resistance levels are at 0.9085 and 0.9118.

Despite yesterday’s recovery, the intraday price pattern is still bearish with moving averages indicating a bearish crossover that might help bears once again drag the price lower. The RSI is at 40 and the MACD is indicating a bearish trajectory as well. Considering the intraday price pattern and taking into yesterday’s corrective move the pair is ideal for sell entries using the following levels

Direction: Sell

Entry: 0.9080

Take Profit: 0.9025

Stop-Loss: 0.9115