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- USD/CHF pair is trading near a 2-year high
USD/CHF pair is trading near a 2-year high
Today, the USD/CHF pair is trading mainly with an increase from Chf0.9710 to Chf00.9800, having regained most of the positions lost yesterday. The pair remains near a 2-year high. On the hourly chart, USD/CHF remains above the moving average line of MA (200) H1 (Chf0.9705) and on the four-hour chart - above MA (200) H4 (Chf0.9445). Technically speaking, the resistance of Chf0.9850 can keep prices from rising further. The lower bound of Chf0.9670 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: Chf0.9850, Chf0.9900, Chf0.9925
⦁ Support levels are: Chf0.9705, Chf0.9670, Chf0.9615
The main scenario for the pair's promotion — the resistance breakout is Chf0.9850 (May 4 high) and there may be an increase to Chf0.9900 (March 20’ 2020 high)
An alternative scenario — there may be a decrease in the pair to Chf0.9670 (April 29 low)
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