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- USD/CHF is trading near 8-week low
USD/CHF is trading near 8-week low
The USD/CHF traded lower on Friday and closed the day in the red around the Chf0.9040. Today it was trading in a narrow range of Chf0.9040-50, staying close to the 8-week low. On the hourly chart, USD/CHF is still trading below the MA line (200) H1 (Chf0.9100). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CHF remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.
Resistances levels are at: Chf0.9090, Chf0.9105, Chf0.9160
Support levels are at: Chf0.9030, Chf0.9000, Chf0.8900
Probably, the main scenario - is a subsequent decline to Chf0.9030 (Oct 21 low). Alternative scenario - consolidation above MA 200 H1, with further advance towards Chf0.9165 (Oct 19 high).
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