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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 209854, member: 80239"] [JUSTIFY][img]https://i.ibb.co/rkMZX2L/6.png[/img] [B]USD CHF -The US dollar remains under pressure[/B] The US dollar shows a weak corrective growth, trying to recover from a moderate decline for almost the entire week. USD CHF is testing 0.96 for a breakout, remaining close to the local lows of June 3. The pressure on the positions of the US currency remains against the backdrop of the publication of weak macroeconomic statistics from the US the day before, which reflected a quite expected drop in business activity in the Manufacturing and Services sector in June, which turned out to be noticeably worse than analysts' expectations. At the same time, the Initial Jobless Claims for the week ended June 17 showed a slight decrease from 231K to 229K, which was only slightly higher than the expected 227K. According to a study by The Wall Street Journal, 44% of experts assess the rapid decline of the US economy over the next year as the most likely scenario against the backdrop of current inflation, which has reached a 40-year high. In January, a similar poll showed a result of 18%. Among the main reasons for a possible recession are problems in supply chains, the rapid rise in prices for raw materials, as well as geopolitical tensions caused by the escalation of the military conflict in Ukraine. The negative scenario was also confirmed by Cleveland Fed President Loretta Mester, who noted that the return of the Consumer Price Index to the target level of 2.0% would be a slow process. Today, investors will focus on statistics from the US on the dynamics of New Home Sales in May, as well as the Michigan Consumer Sentiment Index for June. No noteworthy statistics are expected in Switzerland today, but market participants are closely following the ongoing EU summit, which, among other things, discusses new measures of pressure on Russia in connection with a special military operation in Ukraine. [img]https://i.ibb.co/7y0HWNd/usdchf-1.png[/img] On the D1 chart Bollinger Bands are reversing into the descending plane. The price range is expanding, while remaining spacious enough for the current activity level in the market. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic, being in the oversold area, is trying to reverse upwards, which can be interpreted as a signal to corrective growth of USD in the ultra-short term. [B]Resistance levels[/B]: 0.9618, 0.97, 0.9762, 0.9847 | [B]Support levels[/B]: 0.954, 0.9459, 0.94, 0.93 [img]https://i.ibb.co/ZW6GcCC/usdchf-2.png[/img][/JUSTIFY] [/QUOTE]
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