USDCHF - Range trading opportunity
USDCHF (1H) - intraday bullish bias
The 4H support level near 0.9850 saw robust buying interest as the US dollar bounced back from last week's sell-off. The RSI divergence on the hourly chart was the first signal that fewer sellers were pushing down the price and a turnaround was due to happen. The confirmation came from a bullish MA cross after the price stabilised in the 0.9850 area. As the USD breaks above the major resistance level of 0.9890, we may expect the rally to test 0.9940.
Key support: 0.9870
Key resistance: 0.9940
The 4H support level near 0.9850 saw robust buying interest as the US dollar bounced back from last week's sell-off. The RSI divergence on the hourly chart was the first signal that fewer sellers were pushing down the price and a turnaround was due to happen. The confirmation came from a bullish MA cross after the price stabilised in the 0.9850 area. As the USD breaks above the major resistance level of 0.9890, we may expect the rally to test 0.9940.
Key support: 0.9870
Key resistance: 0.9940
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