Can USD/CHF Capitalize And Trade Above 0.9450?

Key Highlights:

  • After a major decline, the US dollar found support near 0.9250 against the Swiss franc.
  • There was a break above two bearish trend lines with resistance at 0.9290 and 0.9380 on the 4-hours chart of USD/CHF.

USD/CHF Technical Analysis:

There was a substantial decline in the US dollar from the 0.9660 swing high against the Swiss franc. The USD/CHF pair found support near 0.9250 and it later started an upside correction.

Looking at the 4-hours chart, it seems like the pair was well bid around the 0.9250 level. It traded above the 23.6% Fib retracement level of the last decline from the 0.9666 high to 0.9252 low.

During the upside move, the pair broke two bearish trend lines with resistance at 0.9290 and 0.9380. It cleared the path for more gains and the pair moved above 0.9400.

However, the upside move faced a strong resistance near 0.9450. The stated 0.9450 level is near the 50% Fib retracement level of the last decline from the 0.9666 high to 0.9252 low. Moreover, the 100 simple moving average (red, 4-hours) also prevented upsides above 0.9450.

USD/CHF H4 Chart

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