USDCHF analysis for 23.05.2017

USDCHF has been falling down since the previous high around 1.00 level. The support rests at 0.96940 with resistance at 0.97680 which both lines are below the weekly pivot point at 0.98200. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is moving in oversold area, the MACD indicator is in negative territory and the Stochastic is moving in middle ranges. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend. Short positions are recommended targeting 0.9645. https://fxglory.com/usdchf-analysis-for-23-05-2017/