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- USD/CHF shows signs of consolidation
USD/CHF shows signs of consolidation
On the hourly chart, the USD/CHF pair is showing signs of consolidation after a prolonged downward movement. The price has overcome the moving average from below MA (200) H1 upwards and is fluctuating near it, which indicates a decrease in bearish pressure and the possible formation of an accumulation phase. The MACD histogram shows a weakening of the bullish momentum, which may indicate market indecision. The nearest resistance is at 0.7995, its breakdown may strengthen the upward movement with a potential to 0.8020 and above. Support is located at 0.7920 and 0.7890, their breakdown will resume the downward trend. The overall picture indicates a neutral mood with a possible move to growth while keeping the price above the moving average.
Resistance levels are: 0.7995, 0.8020, 0.8080
Support levels are: 0.7920, 0.7900, 0.7870
The main scenario for the pair's advance assumes a breakout of the support 0.7920 (July 4 and 10 low) and there may be a decline to 0.7900 (July 3 low)
An alternative scenario implies a breakout of the resistance 0.7995 (July 8 high) and there may be an increase to 0.8020 (June 27 high)
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