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- The USD/CHF is still testing the MA 200 H1 resistance
The USD/CHF is still testing the MA 200 H1 resistance
Yesterday the USD/CHF traded lower and closed the day in the red zone near the price of Chf0.9220. Today it was trading in a narrow range of Chf0.9210-25, remaining close to yesterday's closing price. On the hourly chart, USD/CHF is still testing the strength of the resistance - the moving average line MA (200) H1 (Chf0.9230). On the four-hour chart, the USD/CHF is still below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CHF remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
Resistances levels are at: Chf0.9315, Chf0.9340, Chf0.9390
Support levels are at: Chf0.9200-10, Chf0.9125, Chf0.9095
Probably, the main scenario is continued decline towards Chf0.9210 (Mar 21 low).
The alternative scenario is the final consolidation above the MA 200 H4 level, followed by growth to Chf0.9390 (the high of the American session on Mar 9).
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