FxNews—The U.S. dollar is in a bear market against the Swiss Franc. The downtrend resumed today, and as of this writing, the USD/CHF bear broke below the 0.842 resistance.
Immediate support rests at the 100-period simple moving average, the 0.848 mark. The Awesome oscillator bars are red and below the signal line, meaning the bear market strengthens.
USDCHF Technical Analysis – 27-September-2024
From a technical perspective, if the USD/CHF price is below 0.848, the downtrend will likely retest the September 6 low at 0.837. Furthermore, if the selling pressure exceeds 0.837, the next bearish target could be 0.833, the December 2023 low.
Please note the bear market should be invalidated if the USD/CHF price exceeds 0.854 resistance.
USD/CHF Bullish Scenario
The critical resistance rests firmly at the September 12 high, the 0.854 mark. If bulls close and stabilize the USD/CHF price above 0.854, the consolidation phase begun in August could extend to upper resistance levels.
If this scenario unfolds, the American currency could erase more of its loss against the Swiss franc and target the 0.862 resistance mark.
USD/CHF Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 0.837 / 0.833
- Resistance: 0.848 / 0.854 / .862
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
