Daily analysis of USD/CHF for May 9, 2018

USD/CHF

The USD/CHF pair has been consolidating between the support level at 1.0000 (the key psychological level) and the resistance level at 1.0050. The consolidation has been going on for a few days but there would soon be a breakout in the market, which would most probably favor bulls. The outlook on the market continues to be bright.

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There is a Bullish Confirmation Pattern in the market, which makes short trades illogical at the moment. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region. The conditions in the market are currently favorable to buyers.

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