The USD/CHF bull run resumed aggressively after the prices broke the 0.889 resistance, which is active support. The stochastic and RSI 14 warn of an overbought market, suggesting patience before joining the uptrend.
The bullish bias will likely ease after the currency pair tests the November 2024 high at 0.895.
USDCHF Technical Analysis – 13-December-2024
As of this writing, the American dollar trades at approximately 0.893 against the Swiss Franc. The trend outlook is bullish as the pair rises above the 75-period simple moving average and the 0.889 critical support.
The aggressive buying pressure resulted in momentum indicators such as the Stochastic and RSI 14 stepping into overbought territory. Currently, these indicators record 95 and 75 in the description, respectively, suggesting the uptrend should be exhausted soon.
- Know about this: Wait for NZDUSD to Test Demand Levels Below $0.58
USDCHF Targets November 2024 High at 0.895
The next resistance level is at the November 2024 high, the 0.895 mark. USD/CHF will likely target this price before it begins a consolidation phase. Therefore, traders and investors should monitor the 0.895 mark closely for bearish signals, such as candlestick patterns.
After it shows a different behavior, we will update the currency pair’s status and analysis in the next trading session.
