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- USD/CHF dropped to a 20-day low
USD/CHF dropped to a 20-day low
Today, the USD/CHF pair continues to decline and dropped from Chf0.9705 to a 20-day low of Chf0.9550. The pair broke through the support of Chf0.9655, which became the nearest resistance. On the hourly chart, USD/CHF has fallen below the moving average line of MA (200) H1 (Chf0.9775), but on the four-hour chart it is testing MA (200) H4 (Chf0.9615). Technically speaking, the support of Chf0.9550 can keep prices from further decline. The upper bound of Chf0.9775-80 represents the resistance level.
⦁ Resistance levels are:Chf0.9655, Chf0.9775-80, Chf0.9870
⦁ Support levels are: Chf0.9550, Chf0.9480, Chf0.9410
The main scenario for the pair's promotion assumes a breakout of support for Chf0.9550 (August 19 low, session minimum) followed by a likely decline to Chf0.9480 (August 17 low)
An alternative scenario predicts a correction and a likely increase to Chf0.9870-85 (September 8 high, MA (200) H1)
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