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- The USD/CHF is testing the strength of the MA 200 H1 resistance
The USD/CHF is testing the strength of the MA 200 H1 resistance
On Friday, the USD/CHF traded higher and closed the day in positive territory near the price of Chf0.9645. Today it was trading in a narrow range of Chf0.9625-60, staying close to Friday's closing price. On the hourly chart, USD/CHF is testing resistance - the line of the moving average MA (200) H1 (Chf0.9645). 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 until the USD/CHF finally consolidates above MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.
Resistances levels are at: Chf0.9705, Chf0.9735, Chf0.9755
Support levels are at: Chf0.9605, Chf0.9555, Chf0.9480
Probably, the main scenario is continued decline towards Chf0.9605 (Sep 16 low).
An alternative scenario is a consolidation above the MA 200 H4 level, followed by growth towards Chf0.9885 (Jul 14 high).
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