USDCHF is in an uptrend, trading at approximately 0.90, above the 50-period SMA. The next bullish target could be 0.905, with a critical support level at 0.889.
USDCHF Technical Analysis – 19-December-2024
The American dollar is in a bull market against Swiss France, which is above the 50-period simple moving average. Last day, the currency pair broke the 0.895 resistance, triggering the uptrend.
As for the technical indicators, the Awesome Oscillator histogram is green but demonstrates bearish divergence, backed by RSI 14’s divergence signal.
These developments in the technical indicators suggest the primary trend is bullish and should resume after a minor consolidation.
USDCHF is Bullish Above 0.889 With 0.905 Target
The critical support level dividing a bull market from a bear market rests at 0.889, backed by the 50-period SMA. The USD/CHF trend outlook remains bullish as long as prices exceed this level. In this scenario, the next bullish target is likely to be the 0.905 mark.
- Also read: NZDUSD Bear Market Prevails Below $0.57
The Bearish Scenario
Please note that the bull market should be invalidated if USD/CHF falls below 0.889. If this scenario unfolds, the currency pair could aim for the 0.884 support.