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- USD/CHF is trading near the highs of May 2020
USD/CHF is trading near the highs of May 2020
Today, the USD/CHF pair is trading in the range of Chf0.9680-0.9735 - near the highs of May 2020. The pair broke through the resistance of Chf0.9625, which became the closest support. On the hourly chart, the pair rose above the moving average line MA (200) H1 (Chf0.9550) and on the four-hour chart - above MA (200) H4 (Chf0.9390). Technically speaking, the resistance of Chf0.9760 can keep prices from rising further. The lower bound of Chf0.9550 represents the support level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: Chf0.9760, Chf0.9785, Chf0.9800
⦁ Support levels are: Chf0.9625, Chf0.9550, Chf0.9455
The main scenario for the pair's promotion — breakout of the session maximum of Chf0.9735 (May 25’ 2020 high) and there may be an increase to Chf0.9760 (May 18’ 2020 high)
An alternative scenario — support breakout is Chf0.9625 (April 26 high) and there may be a decline to Chf0.9550 (April 25 low, MA (200) H1)
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