FxNews—USD/CHF resumed its bullish trajectory from 0.880 after the bears failed to stabilize the prices below the 100-period simple moving average.
As of this writing, the currency pair trades at approximately 0.886, filling yesterday’s bearish fair value gap.
USDCHF Remains Bullish With Key Support at 0.880
The primary trend should be considered bullish as long as the USD/CHF prices are above 0.880. This support level is the pivotal point between the bear market and the bull market.
The immediate resistance rests at the 61.8 Fibonacci, the 0.890 mark. From a technical perspective, the uptrend will likely resume if bulls pull the prices above this mark. In this scenario, the next bullish target could be the November high at 0.895.
On the other hand, the bull market should be invalidated if USD/CHF dips below 0.880. If this scenario unfolds, a new bearish wave could form, targeting 0.875.
