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On the H4 chart of USD/CHF, we may see the following picture. Since the beginning of the last week, the USD has been dropping against the CHF, leaving the resistance level for the bulls at 0.9967. The support level of 0.9842, formed by the previous low, was not reached. But the price pinched through 0.9857 and bounced up from 0.9870, leaving it as the last support level. This altogether appears as a forming triangle pattern.
The RSI indicator has been following the same direction. If we see the last high of the USD/CHF, it corresponds with the same for RSI, which touched the overbought level of 70% a week ago and started dropping. It crossed the oversold level of 30% upside-down at the same time when the currency pair reached its low and started moving up.
The above gives us reasons to think that the price may be moving up to the next resistance of 0.99436, and then is likely to bounce back down.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
