USD/CHF Turns Red
USD/CHF is also declining and struggling below the 0.9000 region.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is gaining pace below the 0.8975 support zone.
· There is a major bearish trend line forming with resistance near 0.8940 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 the 0.9030 resistance. The US Dollar traded below 0.8975 to move into a short-term bearish zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.8940. Finally, the bulls appeared near the 0.8895 level. Recently, there was a recovery wave, but the pair failed to surpass 0.8950.
It is again moving lower and approaching the 50-hour simple moving average at 0.8925. It is close to the 50% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high.
On the upside, the pair could face resistance near a connecting bearish trend line at 0.8940. The next major resistance is near the 0.8975 level. If there is a clear break above the 0.8975 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9030.
On the downside, immediate support on the USD/CHF chart is 0.8925. The first major support is near the 76.4% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high at 0.8910.
The next major support is near 0.8895. Any more losses may possibly open the doors for a move toward the 0.8850 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 USD/CHF Analysis Today
· USD/CHF is gaining pace below the 0.8975 support zone.
· There is a major bearish trend line forming with resistance near 0.8940 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 the 0.9030 resistance. The US Dollar traded below 0.8975 to move into a short-term bearish zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.8940. Finally, the bulls appeared near the 0.8895 level. Recently, there was a recovery wave, but the pair failed to surpass 0.8950.
It is again moving lower and approaching the 50-hour simple moving average at 0.8925. It is close to the 50% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high.
On the upside, the pair could face resistance near a connecting bearish trend line at 0.8940. The next major resistance is near the 0.8975 level. If there is a clear break above the 0.8975 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.9030.
On the downside, immediate support on the USD/CHF chart is 0.8925. The first major support is near the 76.4% Fib retracement level of the recovery wave from the 0.8894 swing low to the 0.8952 high at 0.8910.
The next major support is near 0.8895. Any more losses may possibly open the doors for a move toward the 0.8850 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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