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10.08.2022 03:12 PM
USD/CHF Technical Analysis and Trading Tips for August 10, 2022

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USD/CHF today has closely approached the key support level of 0.9485 (200 EMA on the daily chart). Given the upward trend of the pair and the dollar, a rebound and resumption of positive dynamics is most likely from this support level.

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In this case, and after the breakdown of important resistance levels 0.9540 (144 EMA on the daily chart), 0.9570 (200 EMA on the 1-hour chart), USD/CHF will head towards the resistance levels of 0.9635 (200 EMA on the 4-hour chart, 50 EMA on the daily chart), 0.9670 (61.8% Fibonacci retracement level of the upward correction to the downward wave that began in April 2019 near 1.0235).

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Their breakdown, in turn, will finally complete the downward correction of USD/CHF and send the pair towards recent multi-month highs near 1.0000, 1.0060.

In an alternative scenario, the price will break through the support level of 0.9485, and USD/CHF will head towards the key support level of 0.9450 (200 EMA, 144 EMA on the weekly chart), which separates the long-term bullish trend of the pair from the bearish one.

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Support levels: 0.9495, 0.9485, 0.9450, 0.9415

Resistance levels: 0.9540, 0.9570, 0.9635, 0.9670

Trading Tips

Sell Stop 0.9465. Stop-Loss 0.9550. Take-Profit 0.9450, 0.9415, 0.9400, 0.9325

Buy Stop 0.9550. Stop-Loss 0.9465. Take-Profit 0.9570, 0.9635, 0.9670, 0.9900, 0.9970, 1.0000, 1.0060

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2024
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