Market Analysis: USD/CHF Regains StrengthMarket Analysis: USD/CHF Regains Strength
USD/CHF is rising and might aim a move toward the 0.9000 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF is showing positive signs above the 0.8900 resistance zone.
- There is a major bullish trend line forming with support at 0.8910 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.8820 support. The US Dollar climbed above the 0.8870 resistance zone against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8900. Finally, the pair tested the 0.8925 zone. A high was formed near 0.8923 and the pair is still showing signs of more upsides. It is testing a major bullish trend line with support at 0.8910.
On the upside, the pair is now facing resistance near 0.8925. The next major resistance is at 0.8940. The main resistance is now near 0.8950. If there is a clear break above the 0.8950 resistance zone and the RSI remains above 50, the pair could start another increase. In the stated case, it could test 0.8980.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 0.8821 swing low to the 0.8923 high at 0.8900.
The first major support on the USD/CHF chart is near the 50% Fib retracement level of the upward move from the 0.8821 swing low to the 0.8923 high at 0.8870. A downside break below 0.8870 might spark bearish moves. The next major support is near the 0.8845 pivot level. Any more losses may possibly open the doors for a move toward the 0.8820 level in the near term.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
