Daily Forex Analysis – USD/CHF
The spotlight shines on the 0.9085 resistance as the USD/CHF exhibits signs of recovery. A successful surge beyond this point may indicate that the pair’s temporary decline from 0.9247 has reached its terminus at 0.8989, notably after garnering support from the 38.2% retracement mark, which sits between 0.8555 and 0.9247, precisely at 0.8983. Should this scenario unfold, intraday sentiments would tilt towards bullishness, potentially paving the way for another approach to the 0.9247 peak. However, if the pair sustains a dip below 0.8983, it might suggest a deeper descent is on the horizon, with the 61.8% retracement level of 0.8819 acting as the next crucial checkpoint.
Looking at a more extensive timeframe, current market dynamics hint that the upswing from 0.8555 may be poised to counteract the previous downtrend, which began at 1.0150. If this trajectory maintains its course, we could witness the pair aiming for the 61.8% retracement zone, placed notably at 0.9541. As of now, as long as the 55 D EMA, which is currently located at 0.8975, remains unbreached—even in the face of a significant pullback—the possibility of this rally remains intact.
Analysis Summary
The USD/CHF pair is showing signs of recovery, with a focus on the 0.9085 resistance. A breach could redirect to the 0.9247 high, but a sustained fall below 0.8983 might herald a deeper decline. The broader outlook suggests a potential rally, reversing the downtrend from 1.0150.
Key Points
- Recovery momentum places 0.9085 resistance in focus.
- Breaching 0.8983 could hint at a deeper descent towards 0.8819.
- Broad view: Upturn from 0.8555 may counteract the 1.0150 downtrend.
