USDCHF Technical Analysis / Forex Technical Analysis

USDCHF Technical Analysis – 10-June-2024

FxNews—The American dollar is in an uptrend against the Swiss Franc, trading at about 0.897, slightly above the ascending trendline, and the 38.2% Fibonacci at 0.896.

The USD/CHF 4-hour chart below demonstrates the pair’s current price, the key support and resistance levels, and the technical tools utilized in today’s analysis.

The technical indicators in the 4-hour chart suggest the market is bullish, and the price of USD/CHF will likely increase to test the upper resistance zones.

USDCHF Technical Analysis – 10-June-2024

The awesome oscillator value is -0.001 and rises with green bars, meaning the bull market strengthens.
The relative strength index (RSI) indicator approaches the median line, showing 47 in the description. This RSI (14) growth suggests the bull market is gaining momentum.
The stochastic oscillator value also ascends, depicting 66 in value, signifying the market is not overbought and the price has room to increase further.
The USD/CHF price is above the 100-period simple moving average, a strong signal of the bull market.

USDCHF Price Forecast – 10-July-2024

The immediate resistance is at the 38.2% Fibonacci mark, 0.896, backed by the 100-period simple moving average and the ascending trendline. From a technical perspective, if the USD/CHF price maintains a position above the immediate resistance, the rise from 0.893 could retest the 23.6% Fibonacci resistance at 0.899.

Furthermore, if the buying pressure exceeds the 0.899 resistance, the next resistance level will be 0.902, followed by the July 2 high at 0.905.

Notably, the 100-period SMA is the key resistance for the bullish strategy, and it should be invalidated if the price dips and stabilizes below 0.896.

USDCHF Bearish Scenario

The immediate support is at 0.896. If the bears (sellers) close and stabilize the USD/CHF exchange rate below 0.896, the bearish trend that began from 0.905, the July 2nd high, could test the 50% Fibonacci retracement level at 0.893.

Likewise, if the bears (sellers) push the price below 0.893, the next resistance level will be the 61.8% Fibonacci at 0.891.

USD/CHF Key Levels – 10-June-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: 0.896 / 0.893 / 0.891
Resistance: 0.899 / 0.902 / 0.905

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.