USD/CHF Turns Red
USD/CHF is showing bearish signs below the 0.8650 resistance zone.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a major decline from well above 0.8800. The US Dollar gained bearish momentum after it broke the 0.8600 level against the Swiss Franc.
The pair even declined below 0.8650 and tested 0.8570. A low is formed near 0.8569 and the pair is now consolidating losses. On the upside, USD/CHF is now facing resistance near a key bearish trend line at 0.8590.
The trend line is near the 50-hour simple moving average. A break above it could send the pair toward the 23.6% Fib retracement level of the downward move from the 0.8918 swing high to the 0.8569 low, at 0.8650.
The next major resistance is near the 0.8785 level. If there is a clear break above the 0.8785 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8880.
On the downside, immediate support on the USD/CHF chart is near 0.8570. The first major support is near the 0.8550 level. The next major support is near the 0.8510 level. Any more losses may possibly open the doors for a move toward the 0.8440 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.
Important Takeaways for EUR/USD and USD/CHF Analysis Today
- USD/CHF is consolidating losses below the 0.8650 resistance.
- There is a key bearish trend line forming with resistance near 0.8590 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a major decline from well above 0.8800. The US Dollar gained bearish momentum after it broke the 0.8600 level against the Swiss Franc.
The pair even declined below 0.8650 and tested 0.8570. A low is formed near 0.8569 and the pair is now consolidating losses. On the upside, USD/CHF is now facing resistance near a key bearish trend line at 0.8590.
The trend line is near the 50-hour simple moving average. A break above it could send the pair toward the 23.6% Fib retracement level of the downward move from the 0.8918 swing high to the 0.8569 low, at 0.8650.
The next major resistance is near the 0.8785 level. If there is a clear break above the 0.8785 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8880.
On the downside, immediate support on the USD/CHF chart is near 0.8570. The first major support is near the 0.8550 level. The next major support is near the 0.8510 level. Any more losses may possibly open the doors for a move toward the 0.8440 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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