- BCH/USD is extending sideways grind along 5-DMA at 525 levels.
- Bias on the daily chart is neutral, but we see scope for some upside on the hourly charts.
- On 1H charts, momentum studies have turned bullish and RSI has edged above 50 mark with scope to run further.
- Price has broken above 1H 50-SMA and is currently testing 1H 100-SMA at 532 levels.
- Break above 1H 100-SMA will see next major hurdle at 1H 200-SMA at 542.
- Breakout at 1H 200-SMA will see test of 38.2% Fib at 547 ahead of major trendline resistance at 556.
Support levels - 525 (5-DMA), 500, 473 (Aug 14 low)
Resistance levels - 532 (converged 23.6% Fib and 1H 100-SMA), 542 (1H 200-SMA), 547 (38.2% Fib), 556 (trendline), 583 (21-EMA)
Recommendation: Good to go long on breakout at 1H 100-SMA at 532, SL: 525, TP: 545/ 555/ 580
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -60.654 (Neutral) at 1115 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
