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- USD/CHF tests MA (200) H1
USD/CHF tests MA (200) H1
Today, the USD/CHF pair is trading in the 0.8750-70 range, having retreated from the October 2011 low of 0.8555 reached at the beginning of the week. On the hourly chart, the pair is testing the moving average line of the MA (200) H1(0.8640), but remains below the MA (200) H4 (0.8995) on the four-hour chart. Technically speaking, the resistance level at 0.8685 may keep prices from rising further. In case it is broken, USD/CHF could rise to 0.8795. The lower boundary of 0.8555 represents a strong support level. The most probable range of the pair's movement for today may be hidden within the 0.8555-0.8685 range
⦁ Resistance levels are: 0.8685, 0.8795, 0.8920
⦁ Support levels are: 0.8555, 0.8500, 0.8400
The main scenario for the pair suggests a break of support at 0.8555 (July 18 low) and may be a decline to the psychological level of 0.8500.
The alternative scenario assumes a breakthrough of resistance at 0.8685 (July 20 high) and may be a rise to 0.8795 (July 12 high).
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