Market Analysis: USD/CHF Consolidates GainsMarket Analysis: USD/CHF Consolidates Gains
USD/CHF is rising and might aim for a move toward the 0.8120 resistance.
Important Takeaways for USD/CHF Analysis Today
- USD/CHF is showing positive signs above the 0.8040 resistance zone.
- There is a connecting bullish trend line forming with support at 0.7990 on the hourly chart.
USD/CHF Technical Analysis
On the hourly chart of USD/CHF at FXOpen, the pair started a decent increase from the 0.7910 support. The US Dollar climbed above the 0.8000 resistance zone against the Swiss Franc.
The bulls were able to pump the pair above the 50-hour simple moving average and 0.8040. A high was formed at 0.8079 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 0.7911 swing low to the 0.8079 high.
There is also a connecting bullish trend line forming with support at 0.7990. On the upside, the pair is now facing resistance near 0.8080. The main resistance is now near 0.8120.
If there is a clear break above the 0.8120 resistance zone and the RSI remains above 50, the pair could start another increase. In the stated case, it could test 0.8200. If there is a downside correction, the pair might test the 0.7990 level.
The first major support on the USD/CHF chart is near the 0.7950 level and the 76.4% Fib retracement level.
The next key support is near 0.7910. A downside break below 0.7910 might spark bearish moves. Any more losses may possibly open the doors for a move towards the 0.7850 level in the near term.
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Usdchftrendanalysis
The Diminishing Trend of USD/CHFUSD/CHF is making a slope here, between a strong resistance trendline and a support trendline. The trend made an upswing parallel channel, But it can fall and knock the control price line.
There is a possibility that It will rise to 0.9200 , and then it can touch 0.9236 .
Also, there is a possibility for the fall to 0.9100 , which is the first target. Then it will touch 0.9060 , which is the second target.
NOTE:
1. Don't buy if the trend crosses the parallel channel.
2. Don't sell if the trend crosses the strong resistance trendline.
USDCHF Consolidation Range for Long.USDCHF is trading in channel pattern, but in the very narrow range, we might see in some more time it will trade in channel pattern. Also, it is facing various resistance for upside movement, so the upside move will be very restrictive in USDCHF. One can trade on USDCHF for very few pips on the upside.
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USDCHF CLOSE TO BREAKOUT FROM SYMMETRICAL TRIANGLEHello my fellow traders, hope you all are making some profits. We are here with our new analysis so that we can increase those profits for you. Let’s get into the analysis.
As we can see, the pair is very close to its Symmetrical Triangle breakout. One can wait for it to break either support or resistance.
Let us know your views on this in the comment section. Thank you all.
There is good news for our followers. We will be analyzing on-demand. So let us know which pair you want our analysis on and we will get it for you. Do like and follow us.
Ryan.R..Lopes
Sell on USDCHF after hitting Resistance (H1)Hello traders, welcome back to a brand new analysis. Here is our analysis on USDCHF. As we can see that the pair has hit its trendline resistance which was its previous support. It recently went up after hitting the trendline support. The horizontal support and resistance used in this analysis are from D1. One can short the trade from here keeping the TP just above the D1 support.
Let us know your views on this in the comment section. Thank you all.
There is a good news for our followers. We will be doing analysis on demand for our followers. So let us know which pair you want our analysis on and we will get it for you. Do like and follow us.
Ryan.R.Lopes