USD/CHF Price Analysis – October 12
The bulls are currently pushing the currency pair upward as USD/CHF exposes to the upside with strong momentum and may surpass the resistance level of $0.930.
USD/CHF Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $0.935, $0.940, $0.945
Support Levels: $0.921, $0.916, $0.911
USD/CHF is bullish on the long-term outlook. Yesterday, the market touched the support level of $0.925.The Bulls’ pressure increased last week and broke up the supply level of $0.913. Today, after the pullback, a strong bullish momentum gathers and this is confirmed with the formation of the daily bullish candle. The price is heading towards the resistance level of $0.931.
USD/CHF Price Analysis: USD/CHF Bulls May Gain More Pressure
The currency pair is moving above the 9-day and 21-day moving averages as a symbol of an increase in the bulls’ momentum. After touching the daily low of $0.925, the pair crosses above the moving averages to hit the daily high at $0.931. Meanwhile, a further increase in the bulls’ pressure is highly possible and the resistance level of $0.935, $0.940, and $0.945 may be visited.
On the contrary, any interruption by the bears may be a pullback, which may not be visible in the trending market at the moment. However, the technical indicator Relative Strength Index (14) is likely to cross above 60-level with the signal line pointing to the north suggesting a bullish movement. In other words, the supports level of $0.921, $0.916, and $0.911 may likely come to focus if the currency pair slumps below the lower boundary of the channel.
USD/CHF Medium-term Trend: Ranging (4H Chart)
USD/CHF is ranging on the medium-term outlook as the currency pair is yet to break above the upper boundary of the channel. However, the ranging movement may continue above the 9-day and 21-day moving averages as the technical indicator confirms. More so, radical fundamental events may be necessary for a bullish breakout to play out.
Moreover, the currency pair is currently hovering at $0.930 and the Relative Strength Index (14) is likely to cross below 60-level with the signal line pointing down to indicate a sell signal. However, the support level remains at $0.927 and below while the resistance level is located at $0.935 and above.