USDCHF (updated) Outlook ~ forex market news in india
WEEKLY
The weekly chart has been on the decline from 1.17500 since May 2010. The trendline is being respected so far.
DAILY
The daily chart is also on a decline and presently unable to rise above the 50 point mark. In view of the current weakness of the dollar, the pressure seems to be on the downside. The daily RSI is currently on 38+. But historically USDCHF is cable of drastic movement up and down it can go as low as 16.67 point on the daily RSI and as high as 80.12. It is always helpful to understand the currency pairs you are trading.
Recommendation:
This is the time to wait until the daily RSI falls below 70. At least 2 daily candles will alert you when to buy or sell.
The weekly, daily and H4 charts are attached as usual.
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