USD/CHF Signals Upside Break
USD/CHF is rising and might aim for more gains above the 0.8930 resistance.
Important Takeaways for USD/CHF
· USD/CHF started a fresh increase above the 0.8900 resistance zone.
· There was a break above a major bearish trend line with resistance near 0.8895 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair declined heavily below the 0.8960 support. The US Dollar gained bearish momentum below the 0.8930 level.
Finally, it tested the 0.8860 support. The pair is now attempting a recovery wave from 0.8860. There was a break above a major bearish trend line with resistance near 0.8895, the 23.6% Fib retracement level of the downward move from the 0.9003 swing high to the 0.8860 low, and the 50-hour simple moving average.
The pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.9003 swing high to the 0.8860 low 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.
On the downside, immediate support is near the 50-hour simple moving average at 0.8895. The next major support is near the 0.8860 level. Any more losses may possibly open the doors for a move toward the 0.8825 level or even 0.8800 in the coming days.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for USD/CHF
· USD/CHF started a fresh increase above the 0.8900 resistance zone.
· There was a break above a major bearish trend line with resistance near 0.8895 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair declined heavily below the 0.8960 support. The US Dollar gained bearish momentum below the 0.8930 level.
Finally, it tested the 0.8860 support. The pair is now attempting a recovery wave from 0.8860. There was a break above a major bearish trend line with resistance near 0.8895, the 23.6% Fib retracement level of the downward move from the 0.9003 swing high to the 0.8860 low, and the 50-hour simple moving average.
The pair is now facing resistance near the 50% Fib retracement level of the downward move from the 0.9003 swing high to the 0.8860 low 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.
On the downside, immediate support is near the 50-hour simple moving average at 0.8895. The next major support is near the 0.8860 level. Any more losses may possibly open the doors for a move toward the 0.8825 level or even 0.8800 in the coming days.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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