USDCHF Targets 0.905 After Bouncing from Support

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 Targets 0.905 After Bouncing from Support
USDCHF Targets 0.905 After Bouncing from Support

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.

USDCHF Technical Analysis - 17-December-2024
USDCHF Technical Analysis – 17-December-2024

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.

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.

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