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- USD/CHF is trading below multi-year lows.
USD/CHF is trading below multi-year lows.
The USD/CHF pair declined from 0.8430 to 0.8340 today, hitting an 8-year low. The pair broke the support at 0.8515, which was the nearest resistance. On the hourly chart, USD/CHF fell below the H1 (200) MA (0.8580) moving average and remains well below the H4 (200) MA (0.8755) on the four-hour chart. Technically speaking, the 0.8340 support level may keep prices from further declines. If this level is passed, the pair could fall towards 0.8300. The upper boundary of 0.8580 represents a strong resistance level.
It should be noted that the 14-day relative strength index (RSI (14) on D1), is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 0.8580, 0.8650, 0.8710-30
⦁ Support levels are: 0.8515, 0.8500, 0.8400
The main scenario for the pair implies a break of support at 0.8515 (Dec 22 low) and may be a decline to the psychological level of 0.8500.
The alternative scenario suggests a break of resistance at 0.8580 (Dec 26 high) and H1 MA (200) (0.8620) and there could be a rise to 0.8650 (Dec 20 high).
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