empty
 
 
30.03.2020 12:57 PM
Technical analysis of USD/CHF for March 30, 2020

This image is no longer relevant

Overview:

Coronavirus impacts on most of pair such as The USD/CHF pair. The Swissy slips as Coronavirus paralyzes Eurozone, for that it dropped from the top of 0.9860 to reach 0.9505 again today.

Indicators:

The Relative Strength Index (RSI) crossed above 30 highlighting the end of downtrend momentum and a possible start of uptrend move.

A general review - summary The USD/CHF pair reached the lowest price at the 0.9182. But it rebounded from the point of 0.9182 towards the 0.9505. Today, the USD/CHF pair continues to move downwards from the level of 0.9505. Today, the first resistance level is seen at 0.9595 followed by 0.9700, while daily support 1 is found at 0.9340. Also, the level of 0.9340 represents a weekly pivot point for that it is acting as major support this week. Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9596 towards the first support level at 0.9340 in order to test it. If the pair succeeds to pass through the level of 0.9441, the market will indicate a bearish opportunity below the level of 0.9441. Consequently, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 0.9441 with the first target at 0.9340. Then, the pair is likely to begin an descending movement to 0.9282 mark. The level of 0.9282 will act as strong support in coming hours. However, if a breakout happens at the resistance level of 0.9596, then this scenario may be invalidated.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback