Market Analysis: USD/CHF Targets Upside Break
USD/CHF is rising and might aim for a move towards the 0.8250 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF is showing positive signs above the 0.8200 resistance zone.
- There was a break above a connecting bearish trend line with resistance at 0.8180 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair declined heavily below the 0.8250 level before the bulls appeared. The US Dollar tested 0.8160 and recently started a fresh increase against the Swiss Franc.
The pair climbed above the 0.8200 resistance zone. There was a break above the 23.6% Fib retracement level of the downward move from the 0.8337 swing high to the 0.8157 low. Besides, there was a break above a connecting bearish trend line with resistance at 0.8180.
The bulls are now facing resistance near the 50% Fib retracement level of the downward move from the 0.8337 swing high to the 0.8157 low at 0.8250. The next major resistance is 0.8295.
The main resistance is near 0.8335. If there is a clear break above 0.8335 and the RSI remains above 50, the pair could start another increase. In the stated case, it could test 0.8420.
If there is another decline, the pair might test the 0.8200 support. The first major support on the USD/CHF chart is near the 0.8160 zone. A downside break below 0.8160 might spark bearish moves. The next major support is near the 0.8120 pivot level. Any more losses may possibly open the doors for a move towards the 0.8050 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.
USD/CHF is rising and might aim for a move towards the 0.8250 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF is showing positive signs above the 0.8200 resistance zone.
- There was a break above a connecting bearish trend line with resistance at 0.8180 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair declined heavily below the 0.8250 level before the bulls appeared. The US Dollar tested 0.8160 and recently started a fresh increase against the Swiss Franc.
The pair climbed above the 0.8200 resistance zone. There was a break above the 23.6% Fib retracement level of the downward move from the 0.8337 swing high to the 0.8157 low. Besides, there was a break above a connecting bearish trend line with resistance at 0.8180.
The bulls are now facing resistance near the 50% Fib retracement level of the downward move from the 0.8337 swing high to the 0.8157 low at 0.8250. The next major resistance is 0.8295.
The main resistance is near 0.8335. If there is a clear break above 0.8335 and the RSI remains above 50, the pair could start another increase. In the stated case, it could test 0.8420.
If there is another decline, the pair might test the 0.8200 support. The first major support on the USD/CHF chart is near the 0.8160 zone. A downside break below 0.8160 might spark bearish moves. The next major support is near the 0.8120 pivot level. Any more losses may possibly open the doors for a move towards the 0.8050 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.