Market Analysis: USD/CHF Dips
USD/CHF declined and now struggling below the 0.9010 resistance.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF declined below the 0.9030 and 0.9010 support levels.
· There is a connecting bearish trend line forming with resistance near 0.9010 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from the 0.9115 zone. The US Dollar dropped below the 0.9030 support to move into a negative zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.9010. Finally, the bulls appeared near the 0.8950 level. A low is formed near 0.8953 and the pair is now attempting a recovery wave.
It is trading above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.
On the upside, the pair could face resistance near a connecting bearish trend line at 0.9010. The next major resistance is near the 0.9030 level or the 50% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.
If there is a clear break above the 0.9030 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9075.
On the downside, immediate support on the USD/CHF chart is 0.8990. The first major support is near the 0.8950 level. The next major support is near 0.8910. Any more losses may possibly open the doors for a move toward the 0.8880 level in the coming days.
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.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF declined below the 0.9030 and 0.9010 support levels.
· There is a connecting bearish trend line forming with resistance near 0.9010 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from the 0.9115 zone. The US Dollar dropped below the 0.9030 support to move into a negative zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.9010. Finally, the bulls appeared near the 0.8950 level. A low is formed near 0.8953 and the pair is now attempting a recovery wave.
It is trading above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.
On the upside, the pair could face resistance near a connecting bearish trend line at 0.9010. The next major resistance is near the 0.9030 level or the 50% Fib retracement level of the downward move from the 0.9112 swing high to the 0.8953 low.
If there is a clear break above the 0.9030 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9075.
On the downside, immediate support on the USD/CHF chart is 0.8990. The first major support is near the 0.8950 level. The next major support is near 0.8910. Any more losses may possibly open the doors for a move toward the 0.8880 level in the coming days.
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.
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