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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 176694, member: 58758"] [SIZE=7][B]USD/CHF: TECHNICAL ANALYSIS 11.02.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/USDCHFH411022020.png'][IMG]https://atirox.com/wp-content/uploads/USDCHFH411022020.png[/IMG][/URL] [B]Current trend[/B] On the 4-hour chart, the instrument is correcting up from the 0.97656 support and is trying to consolidate above the resistance level of 0.97809. The pair’s sustained trading above this level will give a prospect of growth to 0.97961. This level can prevent the instrument from growing, as the possibility of the reverse of the price is high there. However, the decisive breakout of 0.97961 could trigger a pair' fresh run-up to a local high surrounding 0.98291. [B]Alternative scenario[/B] The downward rebound from 0.97809 resistance and pullback below 0.97778 could lead the price back to 0.97656-0.97615 support. This area can activate an upward rebound, while its breakdown would be a signal for downward trend formation and let the price fall to the area of 0.97504-0.97351. [B]Technical indicators[/B] Technical indicators maintain a buy signal. Bollinger Bands are pointed upwards. MACD is growing in a positive zone. Stochastic is pointed upwards, reflecting the high possibility of upward movement formation. [B]Support and resistance[/B] Support levels: 0.97656, 0.97504, 0.97351. Resistance levels: 0.97809, 0.97961, 0.98291. [B]Trading recommendations[/B] Short positions can be opened below the level of 0.97615 with the target at around 0.97351 and stop-loss at 0.97703. Long positions can be opened above the level of 0.97809 with the target at around 0.97961-0.98100 and stop-loss at 0.97710. [/QUOTE]
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