USD/CHF trades bearish, below the 75-period simple moving average and the descending trendline. However, the downtrend eased after the currency pair neared the 0.875 low.
As of this writing, the American dollar gained 0.05% in today’s trading session, trading at approximately 0.879 against the Canadian currency. This uptick in momentum was expected due to Stochastic’s oversold signal on Friday, December 6.
USDCHF Technical Analysis – 9-December-2024
The immediate resistance is at 0.880. From a technical perspective, the uptrend will likely resume to upper resistance areas if USD/CHF closes and stabilizes above 0.88.
In this scenario, the next bullish target could be 0.885, backed by the 75-SMA and the descending trendline.
- Good read: GBPJPY Bulls Eye 191.8 Resistance Break
The Bearish Scenario
Please note that the bullish outlook should be invalidated if USD/CHF dips below the 0.877 support. If this scenario unfolds, the downtrend could be triggered, targeting 0.875, followed by 0.870.