USD/CHF bounced from the 0.889 support, testing the 0.894 resistance amid overbought signals. If bulls pull the prices above the resistance, the next bullish target could be 0.905.
Please note that the bullish outlook should be invalidated if the currency pair falls below 0.889.
USDCHF Technical Analysis – 17-December-2024
The American currency trades in a strong bull market against the Swiss Franc at approximately 0.895, above the 75-period SMA. The prices had a minor consolidation on Friday, pulled away from the November 22 high at 0.895, and tested the 0.889 mark as support.
Consequently, the uptrend resumed from 0.889 and is poised to break 0.896 amid Stochastic’s overbought signal. From a technical perspective, the next bullish target could be 0.905 if bulls close and stabilize the USD/CHF prices above 0.895.
- Also read: NZDUSD Risks Deeper Fall Below 0.575
The Bearish Scenario
Please note that immediate support is at 0.889, and the bullish outlook should be invalidated if USD/CHF falls below this deck. If this scenario unfolds, a new consolidation phase could be initiated, targeting 0.880.