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- USD/CHF remains above MA (200) H1
USD/CHF remains above MA (200) H1
Today, the hourly chart of USD/CHF shows a steady recovery after a long downtrend, which ended near the 0.8040 support level. A sharp increase began from this mark, which allowed the price to break through the important resistance level of 0.8175 and rise above the MA (200) H1 moving average. This indicates a possible trend change to an upward trend, or at least the formation of a stable correction.
The upper limit of the last impulse was at the level of 0.8310, followed by a moderate downward correction, and currently the price is trading near the level of 0.8255. This may be a technical respite before a possible new upward momentum. The MACD indicator shows positive values, although the histogram has begun to decline, which may indicate a temporary weakening of the upward momentum. However, as long as the MACD remains above the zero line, the market sentiment remains rather bullish.
Resistance levels are: 0.8310, 0.8455, 0.8585
Support levels are: 0.8175, 0.8040, 0.7715
The main scenario for the pair's advance assumes a breakout of the resistance of 0.8310 (April 23 high) and there may be an increase to 0.8455 (April 7 low)
An alternative scenario implies a breakout of MA (200) H1 (0.8175) and there may be a decline to 0.8040 (April 22 low)
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