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Market NewsTechnical AnalysisUSD/CHF

USD/CHF: The Bull is Ready; Buyers Waiting for a Breach

October 30, 20231 Mins read89 Views
Money of Switzerland. Swiss franc bills. CHF banknotes. 100 francs. Business, finance, news background.
  • USD/CHF has been bullish on the H4 chart.
  • The pair trades above the simple moving average 30.
  • The H1 chart trades around previous day’s higher high.
  • Intraday minor charts have been bullish.
USD/CHF H4 Chart
USD/CHF H4 Chart

USD/CHF- Technical Analysis-H4 Chart

The chart shows that the price has been heading towards the North with moderate pace. It made a breakout at the simple moving average 30’s resistance. Since then it has been traded above the SMA 30’s support. Thus, the buyers have kept their eyes on the pair to go long from the value areas. The pair produced the first H4 candle as a bullish one. However, the price is still below the last weeks’ higher high. Thus, traders may wait for the price to breach the last week’s higher high to go long in the pair. The price may find its resistance around 0.90800.

For the sellers, the pair may take time to offer them short entries. Unless, it produces a double top at the last week’s higher high, the pair may not get bearish on the H4 chart.

USD/CHF H1 Chart
USD/CHF H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair after being bullish found its resistance around 0.90350. It had a bearish correction and found its support at 0.90050. The price then headed towards the North. As of writing, the pair trades around the higher high again. The buyers are waiting for the price to make a breakout at 0.90350. If that happens, the buyers may push the price towards 0.90600.

On the contrary, if the price finds its resistance at the weekly high, the sellers may keep their eyes on the pair to go short upon finding a strong bearish reversal pattern. The price may then head towards 0.90050. A bearish breakout at that level may generate more bearish pressure if the breakout is confirmed followed by a bearish reversal candle.

Considering both charts, it seems that the Bull is far ahead. However, the buyers may have to wait since weekly high has been working as a resistance here.

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

Contact and follow Tareq on Twitter: @tareqfpn

Previous post AUD/USD: Bull is All Set to Make another Move

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