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USD/CHF Price Breaks Up $0.920 Resistance Level to Target $0.930 Level

Published on

October 12, 2021

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)

Key levels:
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.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : October 12, 2021

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