USDCHF surged to a new six-month high of 0.9146 during yesterday’s session, extending its bullish structure. The pair is holding well above its short-term simple moving averages (SMAs) and the medium-term ascending trend line.
According to technical oscillators, the MACD is crossing above its trigger line in the positive territory, while the stochastic is approaching the 80 level with strong momentum.
In case of an extension to the upside and above Wednesday’s high, the pair could meet the 0.9240 resistance level, taken from the top in October 2023. Further up, resistance could be found towards the 0.9440 barricade, registered back in February 2023.
On the other hand, if the pair weakens, the 0.9095 mark could provide immediate support ahead of the 0.9000 round number, which overlaps with the 20-day SMA. Even lower, the uptrend line around 0.8950 could attract greater attention as any leg lower could worsen market’s outlook, opening the way towards the 0.8895 support area.
To summarize, USDCHF looks bullish in the short- and medium-term timeframes, while in the long-term the picture seems bearishunless the price breaks above 0.9440.
USDCHF rebounds off 0.9000 and remains bullish
MACD crosses above its trigger line
Stochastic moves towards overbought area
USDCHF surged to a new six-month high of 0.9146 during yesterday’s session, extending its bullish structure. The pair is holding well above its short-term simple moving averages (SMAs) and the medium-term ascending trend line.
According to technical oscillators, the MACD is crossing above its trigger line in the positive territory, while the stochastic is approaching the 80 level with strong momentum.
In case of an extension to the upside and above Wednesday’s high, the pair could meet the 0.9240 resistance level, taken from the top in October 2023. Further up, resistance could be found towards the 0.9440 barricade, registered back in February 2023.
On the other hand, if the pair weakens, the 0.9095 mark could provide immediate support ahead of the 0.9000 round number, which overlaps with the 20-day SMA. Even lower, the uptrend line around 0.8950 could attract greater attention as any leg lower could worsen market’s outlook, opening the way towards the 0.8895 support area.
To summarize, USDCHF looks bullish in the short- and medium-term timeframes, while in the long-term the picture seems bearish unless the price breaks above 0.9440.
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