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Market NewsTechnical AnalysisUSD/CHF

USD/CHF: Intense Battle Between Bull vs Bear

October 16, 20231 Mins read110 Views
Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • USD/CHF is consolidating at a confluence resistance.
  • The pair trades below the Simple Moving Average 30.
  • The H1 Chart looks bullish as it had its second bounce at a horizontal support.
  • Intraday minor charts have been choppy.
USD/CHF H4 Chart
USD/CHF H4 Chart

USD/CHF- Technical Analysis-H4 Chart

The H4 chart shows that the price upon having a bounce at 0.90850 made a bearish move. However, the price did not continue its bearish move. It has been consolidating within the last swing low and the SMA 30’s resistance. The sellers may wait for the chart to produce a bearish reversal candle breaching consolidation’s support to go short in the pair. The price may find its next support around 0.89350.

On the contrary, if the price braches the SMA 30, the buyers may wait for the chart to confirm the breakout followed by a bullish reversal pattern at the SMA 30’s flipped support to go long in the pair. The price may find its resistance around 0.90950 again in that case.

USD/CHF H1 Chart
USD/CHF H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has found its horizontal support at 0.90100. It has had several bounces at the level. At the last bounce, it produced a bullish engulfing candle. As of writing, the current candle has been bearish. However, considering the last candle, it seems that the buyers may be eagerly waiting for the price to breach today’s higher high at 0.90450 to go long in the pair. A breakout at today’s higher high may push the price towards 0.90650.

The sellers, on the other hand, are waiting for the price to make a bearish breakout at 0.90100 to look for short opportunities. As they say, “the stronger the support, the harder the breakout is”. Thus, it would be a strong bearish breakout and drive the price towards the South and may end up making a new higher high.

The pair could go either way depending on the next breakout. Considering both charts, it seems that the bear has more space to move around. Let us wait and watch which way the price makes its next breakout.

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

Contact and follow Tareq on Twitter: @tareqfpn

Market Impact Gold Previous post Market Dynamics' Impact on Gold

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