USDCHF is under the influence of Nonfarm Payrolls and the Unemployment rate in the US. This pair had sharp drops on Friday and today it is still falling down creating only one bullish candle. The support rests at 0.97590 with resistance at 0.97810 which both lines are below the weekly pivot point at 0.98210. The EMA of 10 has passed the EMA of 75 moving with bearish bias indicating the recent price decline. All indicators are suggesting price fall; the MACD indicator is in negative territory, the RSI is below the 50 level and the ADX is showing strong sellers. The pair may continue its downward trend falling down the descendant channel. Short positions are recommended with the target at 0.9750 but after this hit a reversal may happen.
USDCHF analysis for 06.06.2016
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