USDCHF: weekly review (21/11)
Tatiana Norkina, FBS analyst
Daily. A very interesting situation was brewing for this currency pair last week. The rate's correctional decline led to testing of the support level formed by the Kijun-sen and Senkou Span A lines in the 0.9550 area. To its credit, the level withstood, which was quickly taken advantage of by the buyers whose interest is yet being heated by the positive nature of the cloud. That is, the upward trend is still in effect.
MACD and RSI have also begun to recover. Therefore, let us expect growth up to the November highs in the near future.
Chart. Daily USD/CHF
H4. On the 4-hour lines, the currency pair was supported by the lower cloud border. By the end of the week, they have returned to the market and resumed buying, which caused the prices to leave the cloud zone for the positive area. It is obvious to be quite a good sign to conquer the recent highs soon. The cloud is changing to bullish again; Tenkan and Kijun are soon to form a golden cross as well.
Let us pay attention to the oscillators which have abruptly turned upwards, supporting the bullish movement.
Chart. H4 USD/CHF