USDCHF Forex Analysis for May 23rd 2019
With a strong sideways market, the price of USDCHF Spot Forex pair is moving nowhere. Price action is stepping down and stepping up and Forex traders could easily notice that price action is printing up and down swings. Strong key resistance level is present at 1.0119 price level and strong key support level is present at 1.0065, based on most recent swing high and swing low in 15 minutes time frame of USDCHF.
On Wednesday in Swiss Franc, there was no important news event declaration. Technically; sideways prices could easily move out of the range trading environment in USDCHF. With reference to the sideways trend, traders should consider no sell and no buy trades. However; a clear bullish break out in price action above 1.0119 resistance area or a bearish break down in price action below 1.0065 support area will kick start the new trend. So, based on today’s market situation, avoid buying and selling USDCHF and just keep re-analyzing the price movement.
Source: https://fxinstructor.com/blog/usdchf-forex-analysis-for-may-23rd-2019
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