Technical analysis USDCHF for 08.03.2024

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 0.88010. The closest support is the level 0.87270

Key levels

0.88780, 0.88380, 0.88010, 0.87270, 0.86870, 0.86370

Trading scenario

Recommended opening long positions (Buy Stop) from the level of 0.88010, with Take Profit of 0.88380 and Stop Loss of 0.87600

Alternative scenario

Recommended opening short positions (Sell Stop) from the level of 0.87270, with Take Profit of 0.86870 and Stop Loss of 0.87600