Technical analysis USDCHF for 06.05.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 0.98275. The closest resistance is the level 0.98975

Key levels

• 0.99650, 0.98975, 0.98275, 0.97525, 0.96850, 0.96125, 0.95400

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 0.98975 and Stop Loss of 0.98275

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.98275, with Take Profit of 0.97525 and Stop Loss of 0.98975