USDCHF Selling To Start Week, Supports Remain

For this trading week (19.04.21-23.04.21) my pick was USDCHF, believing the major forex pair is both technically and fundamentally positioned for upside. The Swissie has started the week with a large sell off, closing Mondays trading 0.58% down. I believe price is still primed for the downside. The daily 61.8% fibo level remains as a support and the 100 & 200 moving average both also lie below price as a support. Below this the 0.9020 pivot level also lies as a key support. Whilst this one may take a while longer than I anticipated if it does come around, my upside bias for the USDCHF remains.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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