Technical analysis USDCHF for 05.01.2024

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 0.85180. The closest support is the level 0.84440

Key levels

• 0.86290, 0.85770, 0.85180, 0.84440, 0.83960, 0.83500

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 0.85180, with Take Profit of 0.85770 and Stop Loss of 0.84800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 0.84440, with Take Profit of 0.83960 and Stop Loss of 0.84800