Market Analysis: USD/CHF Could Extend Gains
Market Analysis: USD/CHF Could Extend Gains
USD/CHF climbed higher above 0.9070 and might extend gains in the near term.
Important Takeaways for USD/CHF Analysis Today
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.9005 support. The US Dollar climbed above the 0.9035 resistance zone against the Swiss Franc.
There was a break above a major bearish trend line with resistance at 0.9035. The bulls were able to pump the pair above the 50-hour simple moving average and 0.9070. Finally, the pair tested the 0.9090 zone.
A high was formed near 0.9090 before there was a minor pullback. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.9005 swing low to the 0.9090 high.
On the downside, immediate support on the USD/CHF chart is near the 0.9070 zone. The first major support is near the 50-hour simple moving average at 0.9055. A downside break below 0.9055 might spark bearish moves. The next major support is near the 61.8% Fib retracement level of the upward move from the 0.9005 swing low to the 0.9090 high at 0.9035.
Any more losses may possibly open the doors for a move toward the 0.9005 level in the near term. On the upside, the pair is now facing resistance near 0.9090.
The next major resistance is at 0.9120. The main resistance is now near 0.9140. If there is a clear break above the 0.9140 resistance zone and the RSI climbs above 65, the pair could start another increase. In the stated case, it could test 0.9200.
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.
USD/CHF climbed higher above 0.9070 and might extend gains in the near term.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF climbed higher above the 0.9035 and 0.9070 resistance levels.
- There was a break above a major bearish trend line with resistance at 0.9035 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 0.9005 support. The US Dollar climbed above the 0.9035 resistance zone against the Swiss Franc.
There was a break above a major bearish trend line with resistance at 0.9035. The bulls were able to pump the pair above the 50-hour simple moving average and 0.9070. Finally, the pair tested the 0.9090 zone.
A high was formed near 0.9090 before there was a minor pullback. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.9005 swing low to the 0.9090 high.
On the downside, immediate support on the USD/CHF chart is near the 0.9070 zone. The first major support is near the 50-hour simple moving average at 0.9055. A downside break below 0.9055 might spark bearish moves. The next major support is near the 61.8% Fib retracement level of the upward move from the 0.9005 swing low to the 0.9090 high at 0.9035.
Any more losses may possibly open the doors for a move toward the 0.9005 level in the near term. On the upside, the pair is now facing resistance near 0.9090.
The next major resistance is at 0.9120. The main resistance is now near 0.9140. If there is a clear break above the 0.9140 resistance zone and the RSI climbs above 65, the pair could start another increase. In the stated case, it could test 0.9200.
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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