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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 348105, member: 106971"] [URL='https://fxglory.com/2024/05/13/usdchf-daily-chart-analysis-for-13-05-2024/'][B]USDCHF Daily Chart Analysis for 13.05.2024[/B][/URL] [B] [ATTACH type="full"]60927[/ATTACH] Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The USD/CHF currency pair is currently exhibiting a bearish trend on the 4-hour chart, as observed through key technical indicators and recent price action. The analysis reveals a clear pattern of lower highs and lower lows within a declining channel, with the price approaching the lower boundary of the Bollinger Bands. This proximity to the lower band suggests a potential oversold condition, which could either lead to a temporary reversal or a continuation of the downward trend. Additionally, economic factors such as the upcoming speeches from SNB and FOMC members, along with the SECO Consumer Climate Index and U.S. mortgage delinquencies data, could significantly impact the pair, potentially increasing volatility. Key technical indicators such as MACD and RSI support the observed bearish sentiment, with MACD continuing below the signal line and RSI indicating slight bearish momentum without yet reaching oversold conditions. The currency pair has defined support and resistance levels, with immediate support at 0.90550 and resistance at 0.90850. A breach below the support level could trigger further declines towards 0.90000, while overcoming the resistance could test higher levels around 0.91350. Traders should remain cautious, keeping an eye on economic developments and adjusting their strategies accordingly, especially in light of potential shifts in market dynamics due to influential economic speeches and indicators. [B]Disclaimer:[/B] The USD/CHF provided price action and technical analysis today is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B]FxGlory 13.05.2024 [ATTACH type="full" width="959px"]60928[/ATTACH][/B] [/QUOTE]
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