Market Analysis: USD/CHF Extends RallyMarket Analysis: USD/CHF Extends Rally
USD/CHF is rising and might aim a move toward the 0.9250 resistance.
Important Takeaways for USD/CHF Analysis Today
USD/CHF is showing positive signs above the 0.9185 resistance zone.
There was a break above a major bearish trend line with resistance at 0.9130 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 0.9100 support. The US Dollar climbed above the 0.9120 resistance zone against the Swiss Franc.
There was a break above a major bearish trend line with resistance at 0.9130. The bulls were able to pump the pair above the 50-hour simple moving average and 0.9185. Finally, the pair tested the 0.9215 zone.
A high was formed near 0.9216 and the pair is still showing signs of more upsides. On the upside, the pair is now facing resistance near 0.9215.
The next major resistance is at 0.9240. The main resistance is now near 0.9250. If there is a clear break above the 0.9250 resistance zone and the RSI remains above 60, the pair could start another increase. In the stated case, it could test 0.9300.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 0.9088 swing low to the 0.9216 high at 0.9185.
The first major support on the USD/CHF chart is near the 50% Fib retracement level of the upward move from the 0.9088 swing low to the 0.9216 high at 0.9150. A downside break below 0.9150 might spark bearish moves. The next major support is near the 0.9130 pivot level. Any more losses may possibly open the doors for a move toward the 0.9100 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.
