USD/CHF Eyes Upside Break
USD/CHF is rising and might aim a move toward the 0.8850 resistance.
Important Takeaways for USD/CHF Analysis Today
· USD/CHF is gaining pace above the 0.8745 resistance zone.
· There is a key bullish trend line forming with support near 0.8760 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 0.8700 support. The US Dollar gained climbed above the 0.8745 resistance zone against the Swiss Franc.
A base is formed above 0.8745 and the pair is now showing positive signs. It is trading near the 50% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low and above the 50-hour simple moving average.
On the upside, the pair is now facing resistance near 0.8785. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low at 0.8810.
If there is a clear break above the 0.8810 resistance zone and the RSI climbs above 60, the pair could start another increase. In the stated case, it could test 0.8850.
On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8775. The first major support is near a key bullish trend line at 0.8760. The next major support is near the 0.8745 level. Any more losses may possibly open the doors for a move toward the 0.8700 level or even 0.8680 in the near term.
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 above the 0.8745 resistance zone.
· There is a key bullish trend line forming with support near 0.8760 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 0.8700 support. The US Dollar gained climbed above the 0.8745 resistance zone against the Swiss Franc.
A base is formed above 0.8745 and the pair is now showing positive signs. It is trading near the 50% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low and above the 50-hour simple moving average.
On the upside, the pair is now facing resistance near 0.8785. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.8827 swing high to the 0.8744 swing low at 0.8810.
If there is a clear break above the 0.8810 resistance zone and the RSI climbs above 60, the pair could start another increase. In the stated case, it could test 0.8850.
On the downside, immediate support on the USD/CHF chart is near the 50-hour simple moving average at 0.8775. The first major support is near a key bullish trend line at 0.8760. The next major support is near the 0.8745 level. Any more losses may possibly open the doors for a move toward the 0.8700 level or even 0.8680 in the near term.
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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