Market Analysis: USD/CHF Struggles
Market 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.
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.
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.
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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