Technical analysis of USDCHF dated 16.05.2016

The US economic news is deciding more on USDCHF for today. USDCHF is moving with more strength climbing up the ascendant channel within the Andrews’ pitchfork. The support lies at 0.97490 with resistance at 0.97730 which both lines are above the monthly pivot point at 0.96280. The EMA of 10 is going up above the EMA of 50. All indicators are presenting buy opportunity. The MACD indicator is in positive territory, the RSI is above the neutral zone and the ADX is showing stronger buyers. After the resistance level breakout the pair might touch 1.0091 and keep its movement with bearish bias. Long positions are recommended with the target at 1.0091.

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