Daily Forex Analysis – USD/CHF
In today’s Daily Forex Analysis, the spotlight is on USD/CHF, which continues to hover in a consolidation phase that commenced at 0.8896. The Intraday Analysis for USD/CHF suggests a neutral bias. If the pair experiences a solid breakout above 0.8896, expect the uptrend initiated from 0.8573 to make a beeline for the 0.9168 cluster resistance. Conversely, should it break below 0.8765, minor support, it would indicate that the rebound from 0.8573 is likely over, setting the stage for a retest of that low.
Zooming out to the Daily Analysis, the bounce from the 0.8573 medium-term floor is essentially seen as a corrective phase to the larger descent from 1.0168, reached in 2022. A sustained rally could extend up to the 0.9168 cluster resistance, where we could encounter a strong wall of resistance, at least initially.
Analysis Summary
In our Daily Forex Analysis, the USD/CHF pair is in a critical consolidation phase, with both upside and downside scenarios in play. Key levels to watch are 0.8896 for potential rally continuation and 0.8765 for a downside retest of 0.8573.
Key Points
- Neutral Intraday Analysis for USD/CHF, critical level at 0.8896.
- The upside target is situated at 0.9168 cluster resistance.
- A downside risk exists if the pair breaks below 0.8765.
