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FxWirePro: Minor recovery in BCH/USD capped below 5-DMA, extends gradual grind lower

  • Minor recovery in BCH/USD capped below 5-DMA at 520, bias bearish.
     
  • Multiple rejection of price at 55-EMA resistance raises scope for weakness.
     
  • Successive spinning top and Dojis at highs suggest lack of upside momentum.
     
  • 21-EMA is currently offering support at 507 level. Break below will see further weakness.
     
  • Scope for dip till 370 (trendline support). Bearish invalidation on 55-EMA breakout.

Support levels - 508 (21-EMA), 471 (Aug 14 low), 407 (Sept 17 low), 370 (major trendline)

Resistance levels - 520 (5-DMA), 545 (55-EMA), 587 (Sept 27 high)

Call update: We stand by our previous short call (https://www.econotimes.com/FxWirePro-BCH-USD-short-opportunity-1438629).

Recommendation: Hold for weakness below 21-EMA.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 22.7409 (Neutral) at 1115 GMT.

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2018-11-16 11:19:27
0m

November 16 11:30 UTC Released

INFX Reserves, USD

Actual

393.01 Bln USD

Forecast

Previous

393.13 Bln USD

November 16 11:00 UTC Released

ITConsumer Prices Final YY

Actual

1.6 %

Forecast

1.6 %

Previous

1.6 %

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 428674428674m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 428674428674m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 416854416854m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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