Technical Analysis
16.10.2020, 11:52

USD/CHF is testing the MA (200) H1

Today, the USD/CHF pair is trading in the range of Chf0.9130-60 and testing the MA (200) H1 moving average line (Chf0.9140). The situation is similar on the four-hour chart. While USD/CHF is not fixed above this level, it is probably worth sticking to the southern direction in trading and, at the end of the correction, look for exit points to sell. Resistance to Chf0.9160 may keep USD/CHF from rising. If it breaks through, the pair may rise to Chf0.9195. On the other hand, if the support for Chf0.9110 is broken, the pair may drop to Chf0.9085. The most likely range of price movement to date may be hidden within the range of Chf0.9110-60.

Resistance levels are at: Chf0.9160, Chf0.9195, Chf0.9245

Support levels are at: Chf0.9110, Chf0.9085, Chf0.9050-55

The main scenario for the pair's promotion -  break in support for Chf0.9110 (October 14 low) and a likely decline in the pair to Chf0.9085 (October 12-13 low).

An alternative scenario - breakout of the Chf0.9160 resistance (October 14 high, session high) and possible growth of the pair to Chf0.9195 (October 8 high).

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