Market NewsTechnical Analysis

USD/CHF: Bull Occupies the Territory

Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • USD/CHF has been bullish on the H4 chart.
  • The Simple Moving Average 30 has been working as support.
  • The H1 chart looks bullish keeps making new higher highs.
  • Intraday minor charts may make some bearish corrections.
USD/CHF H4 Chart
USD/CHF H4 Chart

USD/CHF-Technical Analysis- H4 Chart

The H4 chart shows that the price has been heading towards the North with good bullish momentum. It produced a bullish engulfing candle after making a false breakout at the simple Moving Average 30. Then, the price has headed towards the North. As of writing, the price is still very bullish. Thus, the buyers may keep their eyes to go long on the pair from value areas. The chart suggests that it may find its next resistance around 0.91700.

On the downside, if the price produces a bearish reversal pattern such as double top followed by a breakout at the SMA 30, the sellers may find some short opportunities. As things stand with the pair, it may take time to happen. Thus, the sellers may want to skip taking any trading decision now.

USD/CHF H1 Chart
USD/CHF H1 Chart

Price Action Analysis-H1 Chart

The chart shows that a bullish trend line has been working as support. The price has had multiple bounces at the trend line’s support. The buyers may wait for the price to consolidate and produce a bullish reversal candle at the value areas to go long on the pair. There is now any significant resistance nearby, so buyers may make full use of it.

On the downside, if the price makes a bearish breakout at the trend line and confirms the breakout, the sellers may look to go short on the pair upon having bearish reversal pattern. The pair may find its next support around 0.90200.

Considering both charts, it seems that the bull is going to dominate in the pair for some days. The bear may not be seen in the territory soon.

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

Contact and follow Tareq on Twitter: @tareqfpn

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