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- The USD/CHF is trading near a 3-week low
The USD/CHF is trading near a 3-week low
Yesterday, USD/CHF was trading lower and closed the day in the red near 0.8540. Today it traded in a narrow range of 0.8520-40, remaining near a 3-week low. On the hourly chart, USD/CHF is still trading below the moving average line MA (200) H1 (0.8650). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.
- Resistance levels are at: 0.8565, 0.8605, 0.8625
- Support levels are at: 0.8520, 0.8495, 0.8435
Probably, the main scenario is a continuation of the decline to 0.8520 (session low).
The alternative scenario is a final consolidation above the MA 200 H1 level, followed by growth to 0.8750 (Aug 15 high).
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