USD/CHF Faces Uphill Task
USD/CHF is struggling to clear the key 0.8940 resistance zone.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is consolidating gains below the 0.8940 resistance.
· There is a connecting bearish trend line forming with resistance near 0.8930 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh increase from the 0.8830 zone. The US Dollar climbed higher steadily above the 0.8888 and 0.8900 resistance levels against the Swiss Franc.
There was even a move above 0.8900 but the bears remained active near the 0.8940 level. The pair made a couple of attempts to clear 0.8940 but failed. A high was formed near 0.8944 and the pair is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high.
On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8915. The first major support is near the 0.8900 level. The next major support is near the 50% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high at 0.8888.
Any more losses may possibly open the doors for a move toward the 0.8830 level in the coming days. On the upside, the pair could face resistance near a connecting bearish trend line at 0.8930.
The next major resistance is near the 0.8940 level. If there is a clear break above the 0.8940 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9000.
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 is consolidating gains below the 0.8940 resistance.
· There is a connecting bearish trend line forming with resistance near 0.8930 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh increase from the 0.8830 zone. The US Dollar climbed higher steadily above the 0.8888 and 0.8900 resistance levels against the Swiss Franc.
There was even a move above 0.8900 but the bears remained active near the 0.8940 level. The pair made a couple of attempts to clear 0.8940 but failed. A high was formed near 0.8944 and the pair is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high.
On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8915. The first major support is near the 0.8900 level. The next major support is near the 50% Fib retracement level of the upward wave from the 0.8832 swing low to the 0.8944 high at 0.8888.
Any more losses may possibly open the doors for a move toward the 0.8830 level in the coming days. On the upside, the pair could face resistance near a connecting bearish trend line at 0.8930.
The next major resistance is near the 0.8940 level. If there is a clear break above the 0.8940 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9000.
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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