6) USDCHF

Technical Analysis (MA, RSI, STOCH, MACD, ADX)

• M30 - DOWN
• H1 - UP
• H4 - UP
• D1 - DOWN
• W1 - DOWN
• MN - DOWN

• Resistance: 0.9206, 0.9250, 0.9275
• Support: 0.9125, 0.9070, 0.9000

Yesterday the currency pair continued to dangle in a narrow range of 40 pips. The main direction was related to the demand for safe-haven currency, which are both currencies. The demand for risky assets is declining again. The market is still in the Risk-ON phase, the Fear-Greed indicator has dropped to 63.

Let us briefly recall the fears in the market, here and COVID in China, yesterday a full lockdown was introduced in the large industrial metropolis of Lanzhou. Also, the real estate market in China is still in the spotlight.

Yesterday, the US released a series of second and third order data. The US dollar remained weak after the release of durable goods orders, which fell 0.4% in September, compared with a 1.1% forecast. In addition, core durable goods orders were in line with expectations and rose 0.4% during the month. A fairly negative foreign trade in goods was also published, which indicated a deficit of -96.25 billion dollars.
Switzerland did not publish anything important.

In other words, nothing changes for the currency pair, the currency pair continues to hang sideways for now.

Many expect the Fed to announce the start of monetary policy normalization at its November meeting. Further we follow today:
- US GDP (Q / Q) (Q3) primary publication
- Number of initial applications for unemployment benefits

In terms of the prospects for the movement, as we noted earlier, as long as the currency pair is below the important resistance level of 0.9400, then we will adhere to the idea that the market is sideways. Only after the breakdown of the level of 0.9400 can we say more confidently that the bulls took the upper hand in the currency pair. Now the currency pair is near the level of 0.9206, earlier the currency pair regularly and for a very long time was hovering sideways between the levels of 0.9206 - 0.8940.
The fundamental assessment speaks of an exclusively upward movement, but before the breakdown of the 0.9400 confirmation level, the currency pair is technically in a sideways trend.

#fx #trading #forex #analyze #MT4 #MT5 #USDCHF