Market NewsTechnical AnalysisUSD/CHF

USD/CHF: All Eyes are on 0.87975

  • USD/CHF trades around a horizontal support at 0.87975.
  • The pair trades below the SMA 30 on the H4 chart.
  • The H1 chart looks choppy trading around a strong support zone.
  • Intraday minor charts are yet to find their direction.
USD/CHF H4 Chart
USD/CHF H4 Chart

USD/CHF – Technical Analysis- H4 Chart

The chart shows that the price has been roaming around 0.87975 for a while. It had a bounce earlier and made a move towards the North. However, the price has come back again at the level by breaching the simple moving average 30’s support. As of writing, the pair trades below the SMA 30, but the level of 0.87975 has been working as a support. The sellers are to wait for a breakout at the level to go short in the pair. The price may find its next support around 0.87250.

On the other hand, if the level produces a bullish reversal candle, the buyers may wait for the price to breach 0.88365 to go long in the pair. In that case, it may find its resistance around the swing high.

USD/CHF H1 Chart
USD/CHF H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the level of 0.87975 has been a strong level of support. The price reacted at this level several times. As of writing, it has produced a bullish candle. Thus, the buyers may look to go long in the pair and push it towards the North. A breach at the 0.88365 may generate more bullish momentum and push the price towards the North.

On the contrary, if the price breaches the support level, the sellers may wait for the breakout confirmation followed by a bearish reversal pattern at the value areas to go short in the pair. In that case, it may find its support around 0.87500.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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