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- USD/CHF Price Analysis: Bulls in charge while above weekly dynamic support line
USD/CHF Price Analysis: Bulls in charge while above weekly dynamic support line
- USD/CHF offers something for both the bulls and bears from a longer-term perspective.
- The weekly bullish bias is intact while above the dynamic support.
USD/CHF technical picture is somewhat blurred given the opposite biases on the weekly and daily chart and the following illustrates a bullish weekly outlook vs a bearish daily outlook:
USD/CHF weekly chart
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The price is riding a dynamic weekly support line and is completing a retracement to a golden ratio of 61.8% on the Fibonacci scale. This is an area that meets the prior resistance of the W-formation and its neckline. Bulls would be expected to move in at this juncture resulting in a continuation for the coming weeks.
USD/CHF daily chart
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However, the daily chart's bearish impulse was powerful and broke the old lows. The price has since corrected into the 38.2% and 50% ratios where resistance would be expected, forcing the price lower and back towards the dynamic weekly support line.
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