Market Analysis: USD/CHF Aims Higher
USD/CHF is rising and might aim a move toward the 0.8620 resistance.
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 0.8360 support. The US Dollar climbed above the 0.8420 resistance zone against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8460. The pair climbed above the 50% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.
On the upside, the pair is now facing resistance near 0.8530. It is close to the 61.8% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.
There is also a key bearish trend line forming with resistance near 0.8530. The next major resistance is at 0.8555. The main resistance is now near 0.8575. If there is a clear break above the 0.8575 resistance zone and the RSI climbs above 65, the pair could start another increase. In the stated case, it could test 0.8620.
If not, there could be a downside correction. On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8500.
The first major support is 0.8460. A downside break below 0.8460 might spark bearish moves. The next major support is near the 0.8420 pivot level. Any more losses may possibly open the doors for a move toward the 0.8360 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.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF is gaining pace above the 0.8500 resistance zone.
- There is a key bearish trend line forming with resistance near 0.8530 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 0.8360 support. The US Dollar climbed above the 0.8420 resistance zone against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8460. The pair climbed above the 50% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.
On the upside, the pair is now facing resistance near 0.8530. It is close to the 61.8% Fib retracement level of the downward move from the 0.8575 swing high to the 0.8455 low.
There is also a key bearish trend line forming with resistance near 0.8530. The next major resistance is at 0.8555. The main resistance is now near 0.8575. If there is a clear break above the 0.8575 resistance zone and the RSI climbs above 65, the pair could start another increase. In the stated case, it could test 0.8620.
If not, there could be a downside correction. On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8500.
The first major support is 0.8460. A downside break below 0.8460 might spark bearish moves. The next major support is near the 0.8420 pivot level. Any more losses may possibly open the doors for a move toward the 0.8360 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.
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