USD/CHF Weekly Chart Outlook
USD/CHF could gain pace if it clears the 0.9290 resistance zone.
Important Takeaways for USD/CHF Analysis
· USD/CHF found support near 0.8820 and recently started an upside correction.
· There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.
USD/CHF Technical Analysis
On the weekly chart of USD/CHF, the pair faced strong rejection near the 1.0100 level. The US Dollar started a major decline below the 0.9500 support against the Swiss Franc.
The pair tested the 0.8820 support. A low was formed near 0.8820 and the pair is now rising. It broke the 23.6% Fib retracement level of the downward move from the 0.9440 swing high to the 0.8820 low.
On the upside, the pair is facing resistance near a key bearish trend line at 0.9200. It is close to the 61.8% Fib retracement level of the downward move from the 0.9440 swing high to the 0.8820 low. The next major resistance is near the 0.9290 level.
The main resistance on the USD/CHF chart is near the 50-week simple moving average at 0.9420. A successful close above 0.9420 is likely to start a strong upward move toward 0.9800 in the coming weeks.
Conversely, if USD/CHF fails to break 0.9200, it could retreat lower and revisit the 0.8885 support area. The next major support is near the 0.8820 level. A downside break below the 0.8820 support might send the pair toward 0.8650.
Any more losses might push the pair further into a bearish zone. In the stated case, there is a risk of a drop toward the 0.8200 support zone in the medium 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
· USD/CHF found support near 0.8820 and recently started an upside correction.
· There is a crucial bearish trend line forming with resistance near 0.9200 on the weekly chart at FXOpen.
USD/CHF Technical Analysis
On the weekly chart of USD/CHF, the pair faced strong rejection near the 1.0100 level. The US Dollar started a major decline below the 0.9500 support against the Swiss Franc.
The pair tested the 0.8820 support. A low was formed near 0.8820 and the pair is now rising. It broke the 23.6% Fib retracement level of the downward move from the 0.9440 swing high to the 0.8820 low.
On the upside, the pair is facing resistance near a key bearish trend line at 0.9200. It is close to the 61.8% Fib retracement level of the downward move from the 0.9440 swing high to the 0.8820 low. The next major resistance is near the 0.9290 level.
The main resistance on the USD/CHF chart is near the 50-week simple moving average at 0.9420. A successful close above 0.9420 is likely to start a strong upward move toward 0.9800 in the coming weeks.
Conversely, if USD/CHF fails to break 0.9200, it could retreat lower and revisit the 0.8885 support area. The next major support is near the 0.8820 level. A downside break below the 0.8820 support might send the pair toward 0.8650.
Any more losses might push the pair further into a bearish zone. In the stated case, there is a risk of a drop toward the 0.8200 support zone in the medium 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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