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- USD/CHF is trading near a 6-week high
USD/CHF is trading near a 6-week high
Today, the USD/CHF pair is trading in the range of Chf0.9795-0.9840 after reaching a new 6-week high of Chf0.9860 last week. On the hourly chart, the pair rose above the moving average line MA (200) H1 (Chf0.9720) and on the four-hour chart - above MA (200) H4 (Chf0.9600). Technically speaking, the resistance of Chf0.9860-85 can keep prices from further growth. The lower bound of Chf0.9720-25 represents the support level.
⦁ Resistance levels are: Chf0.9860-85, Chf0.9990, Chf1.0050
⦁ Support levels are: Chf0.9785, Chf0.9720-25, Chf0.9655
The main scenario of the pair's advance assumes a breakout of the resistance of Chf0.9860-85 (July 14 and September 1 highs) and a continuation of the upward movement to Chf0.9990 (June 16 high)
An alternative scenario implies a breakout of support for Chf0.9785 (September 2 low) and a decline in the pair to Chf0.9720-25 (August 31 low, MA (200) H1)
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