USDCHF analysis for 31.07.2017

There are no major economic reports in Switzerland however the US is releasing Chicago PMI and Pending Home Sales YoY. The support rests at 0.96420 with resistance at 0.97040 which both lines are above the weekly pivot point at 0.96190. The EMA of 10 is moving with bullish bias along the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving horizontally in the overbought area, the MACD indicator is in positive territory and the Stochastic is moving in low ranges. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing an upward trend while the Kijun-sen is showing a horizontal trend. Long positions are recommended targeting 0.98 area. https://fxglory.com/usdchf-analysis-for-31-07-2017/