USDCHF 1D Bullish Trend against Weekly Resistance

USDCHF

📶 Technical Analysis

Weekly (1W) Chart:

• In 2023 and 2024, USDCHF formed a strong support level around 0.8400 and a strong resistance level around 0.9200.
  
• As of January 2025, the price has tested the 0.9200 resistance level again, suggesting a potential battle around this key level.
  

Daily (1D) Chart:

• Aug - Sep 2024: The 0.8400 support was tested multiple times, holding strong, and the price reversed, forming a bullish trend from October 2024 until now.
  
• January 2025: The price tested the strong resistance at 0.9200, and we can now see a clear correction towards the trendline and the middle support level around 0.9000.
  

🔤 Overall Outlook:

🟢 Long Position: Be cautious near the weekly resistance at 0.9200, as there could be a strong pullback and higher volatility, making it riskier for a long trade.
🔴 Short Position: Consider waiting for a trend breakout below the current correction bottom, or a formation of a new lower low below 0.8950 to confirm further downside.

• The bullish trend continues on the daily chart, but the price is approaching a strong resistance level at 0.9200.
  
• Fundamental analysis is necessary to assess the economic factors and expectations that may drive the price in either direction. Without clear fundamental drivers, the technical picture remains uncertain for now.
  
• Currently, there’s no clear setup for my trading strategy, as the price is near a strong resistance and requires confirmation through either a breakout or pullback to make further decisions.