USD/CHF Turns At Risk of Fresh Decline
USD/CHF is moving lower and might decline further toward the 0.8860 support.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is showing a few bearish signs below the 0.8930 resistance zone.
· There is a key bearish trend line forming with resistance near 0.8925 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 0.8820 support. The US Dollar gained climbed above the 0.8885 resistance zone before the bears appeared.
The pair failed to clear the 0.8930 resistance zone. The pair is now moving lower below the 50% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high. It is trading below the 50-hour simple moving average and RSI is declining.
On the downside, immediate support on the USD/CHF chart is near the 76.4% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high at 0.8885.
The next major support is near the 0.8860 level. Any more losses may possibly open the doors for a move toward the 0.8820 level or even 0.8800 in the coming days.
On the upside, the pair is now facing resistance near a key bearish trend line at 0.8930. The next major resistance is near the 0.8960 level. If there is a clear break above the 0.8960 resistance zone, the pair could start another increase. In the stated case, it could test 0.9000.
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 showing a few bearish signs below the 0.8930 resistance zone.
· There is a key bearish trend line forming with resistance near 0.8925 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 0.8820 support. The US Dollar gained climbed above the 0.8885 resistance zone before the bears appeared.
The pair failed to clear the 0.8930 resistance zone. The pair is now moving lower below the 50% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high. It is trading below the 50-hour simple moving average and RSI is declining.
On the downside, immediate support on the USD/CHF chart is near the 76.4% Fib retracement level of the recent increase from the 0.8867 swing low to the 0.8942 high at 0.8885.
The next major support is near the 0.8860 level. Any more losses may possibly open the doors for a move toward the 0.8820 level or even 0.8800 in the coming days.
On the upside, the pair is now facing resistance near a key bearish trend line at 0.8930. The next major resistance is near the 0.8960 level. If there is a clear break above the 0.8960 resistance zone, the pair could start another increase. In the stated case, it could test 0.9000.
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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