USDCHF sellers lean against target swing area,but sellers have work to do.What to eye now?

Technical Analysis

The USDCHF experienced a sharp decline on Monday, driven by a stock market tumble led by Nvidia and broad USD selling.

The pair on Monday, found support at 0.8965, the 50% retracement level of the December 2024 rally, and rebounded sharply off of that key support hold. Midweek trading was volatile, with the price fluctuating around the 200-hour MA, but it established a base near this level during the US session yesterday and pushed higher. .

The subsequent bounce continued into today’s trading, and pushed the pair toward a swing area resistance between 0.9108 and 0.9114, where sellers stepped in and drove the price lower.

Key Levels to Watch:

  • Support:
    • Swing area at 0.9077.
    • Converged 100/200-hour MAs at 0.9062. A break below this level would shift the technical bias bearish.
  • Resistance:
    • Swing area top at 0.9114. A move above this level would favor buyers and further upside momentum.

The pair remains in a range, with the battle between 0.9114 resistance and 0.9062 support likely determining the next directional move. Traders should watch these levels for breakout signals.

USDCHF technicals

Articles You May Like

We’re increasing our price target on Starbucks after CEO Brian Niccol shows signs of progress
Gold Price Today: Yellow metal prices open higher at Rs 80,355/10 gram, silver flat
Gold price nears record high on weak US Dollar
Twilio stock surges after company issues optimistic 2027 profit forecast
What are the technicals driving the major US currency pairs heading into the new week

Leave a Reply

Your email address will not be published. Required fields are marked *