The Swissy on the 4-Hour Chart has been in a downtrend since 1 April 2021 when it registered the high price at 0.94718, followed by a series of lower tops and lower bottoms. On 7 April 2021, the Swissy recorded the low price of 0.92673.
When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 60 period Moving Average line, a fact which confirms the Swissy’s downward direction.
Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument.
Additionally, the Relative Strength Index (RSI) Oscillator registers values in the oversold zone after an increase in sales and excess of net decline. All three technical indicators are in agreement with regards to the downward bias of the pair.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at 0.93239 (161.8%).
- The second price target is seen at 0.92800 (261.8%).
- The third price target is projected at 0.92089 (423.6%).
While the first target and the second have already been breached, the Swissy is currently trading below the downtrend line. The presence of the Bearish Hanging Man hints at a potential rally to the downside. Its current price is 1.38% below last week’s close after a sharp decline in price during a period of heavy selling.
Of course, supply and demand as well as the crowd sentiment will determine the future course of Swissy. Although the market is currently following a counter trend direction, this might just be a temporary correction, as long-term sentiment for the Swissy remains bearish.
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