Conclusion for today’s USDCHF technical analysis:
Price closing above ~1.01218 implies higher prices in the USDCHF.
USDCHF analysis for today is carried out on the Daily timeframe data from February 2018 till date. Patterns to pay attention to are plotted which includes the previous rising wedge pattern and the current falling wedge chart pattern.
The 50 Day and 200 day moving averages are also indicated on for use in tracking the future development of price action in the USDCHF. The June 03, 2019 breakout from rising wedge implies bearish consequences in the USDCHF which has so far produced a ranging or sideways market movement.
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Price peak on May 07, 2019 of 1.02263 is used as one of the pivots used to draw the currently active falling wedge chart pattern (ideally bullish). 1.01218 to 1.00166 indicate resistance zone immediately above price action that is crucial and expected to present a challenge to bullish momentum.
A breakout and close above the upper boundary of resistance (1.01218) implies strengthening of the bullish price swing from August 13, 2019. Price closing below ~0.98013 on the other hand decreases the chances of further rise in the USDCHF, and instead puts a bearish bias back in favor.
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