Market Analysis: USD/CHF Faces HurdlesMarket Analysis: USD/CHF Faces Hurdles
USD/CHF declined and now struggling below the 0.8500 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF declined below the 0.8500 and 0.8460 support levels.
- There is a major bearish trend line forming with resistance near 0.8460 on the hourly chart at FXOpen.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a fresh decline from well above the 0.8520 zone. The US Dollar dropped below the 0.8490 support to move into a negative zone against the Swiss Franc.
The bears pushed the pair below the 50-hour simple moving average and 0.8475. Finally, the bulls appeared near the 0.8430 level. A low was formed near 0.8429 and the pair is now consolidating losses.
There was a minor increase above the 23.6% Fib retracement level of the downward move from the 0.8549 swing high to the 0.8429 low. However, the pair struggled to stay above 0.8460. On the upside, the pair could face resistance near the 0.8460 level and a major bearish trend line.
The next major resistance is near the 0.8475 level, above which the pair could test the 50% Fib retracement level of the downward move from the 0.8549 swing high to the 0.8429 low at 0.8490.
If there is a clear break above the 0.8490 resistance zone, the pair could start another increase. In the stated case, it could even surpass 0.8550.
On the downside, immediate support on the USD/CHF chart is 0.8430. The first major support is near the 0.8400 level. The next major support is near 0.8380. Any more losses may possibly open the doors for a move toward the 0.8350 level in the coming days.
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