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Technical Analysis of USD/CHF Currency Pair on 03/05/2023 / An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.103567
• Second Key support level of EUR/USD: 1.1
• Third Key support level of EUR/USD: 1.094203
• First key resistance level of EUR/USD: 1.105912
• Second Key resistance level of EUR/USD: 1.10758
• Third Key resistance level of EUR/USD: 1.109528

• First key support level of USD/CHF: 0.886026
• Second Key support level of USD/CHF: 0.883363
• Third Key support level of USD/CHF: 0.88
• First key resistance level of USD/CHF: 0.889
• Second Key resistance level of USD/CHF: 0.894691
• Third Key resistance level of USD/CHF: 0.89948

• First key support level of GBP/USD: 1.253321
• Second Key support level of GBP/USD: 1.248151
• Third Key support level of GBP/USD: 1.243637
• First key resistance level of GBP/USD: 1.255312
• Second Key resistance level of GBP/USD: 1.258326
• Third Key resistance level of GBP/USD: 1.26

• First key support level of USD/JPY: 135.06
• Second Key support level of USD/JPY: 133.251648
• Third Key support level of USD/JPY: 130.675131
• First key resistance level of USD/JPY: 136
• Second Key resistance level of USD/JPY: 137
• Third Key resistance level of USD/JPY: 137.782397

 

Technical Analysis of USD/CHF Currency Pair on 03/05/2023.

 

Per our previous analysis on April 19th, 2023, the USD/CHF currency pair could rise and reach a critical resistance level of 0.90000. However, as predicted, it reached that level on May 2nd during its upward climb. However, the heavy bearish wave that has prevailed since our last analysis caused the price to attempt twice to break the support level of 0.88603. Both attempts failed, and the price finally bounced upwards. Currently, the active wave is a downward movement. If the support level of 0.88603 is threatened again, the price could easily break and cross it, reaching critical support levels of 0.88 and potentially up to 0.8764. This is a warning for buyers, especially those with mid-term trades.

The previous two weekly candlesticks have closed in the form of an inverted hammer and spinning top patterns, indicating the possibility of a trend change and the potential formation of a price floor. However, given the market’s downward potential, buyers should act cautiously.

Within a 4-hour span, a Cypher harmonic pattern has emerged between the price floor of 0.88522 and the price ceiling of 0.899. Correcting this pattern has the potential to prevent further price drops. However, suppose point D is established within this pattern or any other fixed price floor near the support level of 0.88603 In that case, the price can increase and reach the resistance level of 0.89000, potentially rising to 0.8958.

 

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