Market Analysis: USD/CHF StrugglesMarket Analysis: USD/CHF Struggles
USD/CHF declined and now struggling below the 0.8600 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF declined below the 0.8635 and 0.8600 support levels.
- There is a major bearish trend line forming with resistance near 0.8575 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 well above the 0.8700 zone. The US Dollar dropped below the 0.8635 support to move into a negative zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.8600. Finally, the bulls appeared near the 0.8520 level. A low was formed near 0.8520 and the pair is now consolidating losses.
On the upside, the pair could face resistance near the 23.6% Fib retracement level of the downward move from the 0.8748 swing high to the 0.8520 low at 0.8575. There is also a major bearish trend line forming with resistance near 0.8575.
The next major resistance is near the 50% Fib retracement level of the downward move from the 0.8748 swing high to the 0.8520 low at 0.8635.
If there is a clear break above the 0.8635 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8695.
On the downside, immediate support on the USD/CHF chart is 0.8520. The first major support is near the 0.8500 level. The next major support is near 0.8480. Any more losses may possibly open the doors for a move toward the 0.8450 level in the coming days.
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