Technical analysis USDCHF for 04.08.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 0.9470. The closest resistance is the level 0.9560

Key levels

• 0.9900, 0.9825, 0.9760, 0.9695, 0.9620, 0.9560, 0.9470

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 0.9470 and Stop Loss of 0.9620

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 0.9620, with Take Profit of 0.9695 and Stop Loss of 0.9560