USD/CHF Dips Below Support
USD/CHF is showing bearish signs below the 0.8830 resistance zone.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is consolidating losses below the 0.8810 resistance.
· There was a break below a contracting triangle with support near 0.8830 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 the 0.8870 zone. The US Dollar gained bearish momentum from the 0.8858 level against the Swiss Franc.
During the decline, there was a break below a contracting triangle with support near 0.8830. The pair even declined below the 50-hour simple moving average and 0.8795. A low is formed near 0.8774 and the pair is now consolidating losses.
On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8795.
The next major resistance is near the 0.8810 level. The main resistance is forming near the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8830.
If there is a clear break above the 0.8830 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8870.
On the downside, immediate support on the USD/CHF chart is near 0.8775. The first major support is near the 0.8760 level. The next major support is near the 0.8720 level. Any more losses may possibly open the doors for a move toward the 0.8650 level in the coming days.
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 losses below the 0.8810 resistance.
· There was a break below a contracting triangle with support near 0.8830 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 the 0.8870 zone. The US Dollar gained bearish momentum from the 0.8858 level against the Swiss Franc.
During the decline, there was a break below a contracting triangle with support near 0.8830. The pair even declined below the 50-hour simple moving average and 0.8795. A low is formed near 0.8774 and the pair is now consolidating losses.
On the upside, the pair is now facing resistance near the 23.6% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8795.
The next major resistance is near the 0.8810 level. The main resistance is forming near the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.8858 swing high to the 0.8774 low at 0.8830.
If there is a clear break above the 0.8830 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8870.
On the downside, immediate support on the USD/CHF chart is near 0.8775. The first major support is near the 0.8760 level. The next major support is near the 0.8720 level. Any more losses may possibly open the doors for a move toward the 0.8650 level in the coming days.
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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