Technical Analysis

USD/CHF: The Bear Finds its Resistance

  • A bearish trend line is in play in the H4 chart
  • SMA30 has been working as resistance
  • The bear shows its momentum in the H1 chart
  • A breakout below 0.87150 may make the pair more bearish
USD/CHF- H4 Chart

USD/CHF- H4 Chart

USD/CHF- H4 Chart Obeys a Bearish Trend Line

USD/CHF after being bullish in the H4 chart for a while found its resistance at 0.88000 has been bearish with a moderate pace. However, the pair had multiple rejections at a bearish trend line, which may make the pair very bearish. Simple Moving Average 30 has been working as a resistance in the H4 chart as well. Thus, the sellers may look to go short in the pair. The pair may find its next support at 0.86600, where it had reacted earlier several times. On the contrary, if the price makes a bullish breakout at the trend line, the buyers may look to go long in the pair upon having breakout confirmation. In case of a bullish breakout, the pair may find its next resistance around 0.89000.

USD/CHF- H1 chart

USD/CHF- H1 chart

H1 Chart is in Bullish Correction

USD/CHF has been heading towards the North by obeying a bullish trend line in the H1 chart. The made a bullish breakout at a horizontal support at 0.87300. Thus, it may remain bullish in the H1 chart for a while. However, since the H4 chart is relatively more bearish, thus the sellers may wait for the price to produce a Double Top at the last rejection and make a bearish breakout at the bullish trend line to go short. In case of a bullish breakout at today’s higher high, the pair may find its next resistance around 0.87800. It means the Bull does not have enough space to travel before finding its next resistance. This may hold the pair and make it sluggish in case of a bullish breakout.

The H4 chart looks good for the Bear. However, the H1 chart may take time to get bearish. Thus, the sellers need to wait to see what the H1 chart’s price action does. Considering these two charts, the Bear may take over and make its move towards the South.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

EUR/CAD: Bull Finds a Fence

EUR/CAD- Technical Analysis- H4 Chart The chart shows that the price made...

GBP/JPY: Bear Starts Its Move

GBP/JPY – Technical Analysis- H4 Chart The chart shows that the price...

EUR/NZD: Bull Waits for a Ground

EUR/NZD -Technical Analysis- H4 Chart The chart shows that the price made...

NZD/USD: Bear Dominates with Strong Momentum

NZD/USD -Technical Analysis- H4 Chart The chart shows that it produced a...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Asian Stock Diverge as Wall Street Sees Strong Rebound
Market News

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%, while China's CSI 300 fell 1%.

Copyright © 2023 Forex Prop News. All Rights Reserved.