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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 203733, member: 80239"] [HEADING=1][JUSTIFY]USD/CHF, the US currency is recovering[/JUSTIFY][/HEADING] [HR][/HR] [JUSTIFY][B]Current trend[/B] The US dollar shows strong growth against the Swiss franc during the Asian session, building on the "bullish" momentum that was formed at the end of last week, when the pair consolidated near the local lows of November 2, 2021. At the moment, the development of the uptrend is mainly supported by technical factors, while the block of data from the US released on January 14 turned out to be frankly weak. In particular, investors were disappointed by the sharp drop in Retail Sales in December by 1.9% after rising by 0.2% in November. The Retail Sales Control Group fell to a record 3.1% over the same period after falling 0.5% in November. Michigan Consumer Sentiment Index in January fell from 70.6 to 68.8 points, while analysts had expected a decline to only 70 points. Markets in the US are closed today to celebrate Martin Luther King, Jr. Day, so trading activity is likely to be somewhat reduced. [B]Support and resistance[/B] Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD is going down preserving a previous sell signal (located below the signal line). Stochastic, which has reached its lows, is trying to reverse upward, signaling in favor of the development of corrective growth in the nearest time intervals. Resistance levels: 0.9157, 0.9175, 0.9200, 0.9220. Support levels: 0.9125, 0.9100, 0.9073, 0.9036.[/JUSTIFY] [/QUOTE]
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