FX.co ★ Daily analysis of USD/CHF for May 23, 2018

USD/CHF

The bearish signal that was generated on the USD/CHF pair yesterday, resulted in a medium-term bearish bias on the market. The market is below the resistance levels at 0.9950, now very close to the support level at 0.9900, which is the first target. Once the support level is breached to the downside, the next target will be the support level at 0.9850.

There is a Bearish Confirmation Pattern on the 4-hour chart, and that has brought about a bearish signal. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold region. Further bearish movement is a strong possibility.