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- The USD/CHF pair is trading near a 7-month high
The USD/CHF pair is trading near a 7-month high
Last week, the USD/CHF pair rose to a 7-month high of 0.9140, but on Friday it dropped slightly to the negative near the price of 0.9085. Today, the pair started trading in a narrow range of 0.9075-0.9105, remaining close to Friday's closing price. On the hourly chart, USD/CHF is still trading above the MA (200) H1 moving average line (09030). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and as long as the pair remains above the MA 200 H1, it is necessary to look for entry points to buy at the end of the correction.
Resistance levels are at: 0.9140-60, 0.9225, 0.9315
Support levels are at: 0.9020-40, 0.8980, 0.8900-10
The main scenario for the pair's advance assumes a breakout of the 0.9140-60 area (May 22-27 and Jan 2 highs) and there may be an increase to 0.9225 (Mar 29’ 2023 high).
An alternative scenario implies a decline to 0.9020-40 (Dec 31 and Jan 2 lows, MA 200 H1) and then, perhaps, to 0.8990 (Dec 26 low).
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