May 21, 2018
The Swiss Franc is considered as safe haven currency at the time of uncertainty as due to strong dollar demand pair moved towards north side as the 10 year US Treasury yield benchmark is also breaking above multi years highs.
Currently pair is trading at 0.9984 which is very crucial territory as we can see that its previous swing’s high. Earlier bulls were making higher highs and higher lows but now bulls are struggling after arriving near 1.000 level which is a strong resistance level. Well pair is trading at make or break level so traders and investors are advised to sit aside for the time being as long as we see a valid move on either side.
A daily closing above 1.0060 will open the way for bulls towards 1.0150 and it will be consider again as an energy booster for buyers, on contrary bears are trying their best to pull the pair at downside and we can see a counter attack from the bears campaign. A daily closing below 0.9901 level will confirm the signal of trend reversal and we may see further downfall.
Intraday bias remains neutral for the pair but overall trend is bullish as long as an uptrend line is existing on the daily chart. RSI indicator is travelling at overbought territory so we may see some correction and a bearish crossover on the MACD indicator is also favoring the bears for the time being now it’s upto the bears that how much benefit they can encash from this opportunity. .