Switzerland's Currency (CHF) Short Term Outlook.
From past few days #chf is on complete decline and finally it's a little bullish today. Though problems aren't over yet.
A Little Info. about CHF (Swiss Franc)
The Swiss Franc is the currency and legal tender for Switzerland and Liechtenstein. 'CH' stands for 'Confoederatio Helvetica' and the 'F' stands for 'Franc'.
We will be talking technical stuff here, including price action, indicator's indications and important levels for short term.
Short term [ Price action ]
- A fall is still expected for a day or 2 until it approaches $1.037 against #usd.
- Rising wedge pattern formation which is a Bearish pattern.
Now the thing to watch is WHAT IS GOING TO BE THE REACTION OF $CHF WHEN IT'LL REACH AT $1.037.
- If it reacts with a bullish candle then an upward movement is expected which could be around $1.0692. Around +3% from it's support.
- If it breaks support level we would expect atleast a touch at $0.9988 as it's behaving as a major support currently.
Indicators
We will be taking note of 2 most widely used and trustable indicators, #rsi and #macd.
RSI
- Double top pattern which is bearish.
- Broke the pattern's neckline and further coming for a retest.
- Below 50 points (bearish).
OVERALL RSI IS BEARISH.
MACD
- MAJOR ONE : bearish crossover.
- Lose of Momentum and therefore turned red (bearish).
MACD ALSO SHOWING COMPLETELY BEARISH INDICATION.
Top 3 Best performing currencies of today.
Source : https://bit.ly/3dKvkm9
If you want long term analysis of $CHF then do share your thoughts in replies also if of any other currency you want to get analysis for.