Technical analysis USDCHF for 16.08.2023

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 resistance is the level 0.88120. The closest support is the level 0.87380

Key levels

• 0.89880, 0.88920, 0.88120, 0.87380, 0.86990, 0.86170

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.88120, with Take Profit of 0.88920 and Stop Loss of 0.87500

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.87380, with Take Profit of 0.86990 and Stop Loss of 0.87500