After the fall on Wednesday, the USD/CHF It is back to the psychological level of 0.9200, with its sights set on a break above a confluence of technical indicators. In addition, a falling wedge continues to develop in anticipation of next week’s strong economic calendar in the United States (US). At the time of writing, USD/CHF is trading at 0.9218, 0.22% above its opening price.
In the short term, USD/CHF has a bullish bias, although it was rejected at the confluence of a downtrend line and the 20 day EMA around the 0.9235/40 zone. However, bulls remain hopeful for higher prices as long as USD/CHF remains above the January 26 daily low of 0.9158.
Therefore, the first resistance for USD/CHF would be the aforementioned confluence of the 20-day EMA and a downtrend line around 0.9240. Once broken, the USD/CHF pair could rally towards the Jan 24 daily high at 0.9360, followed by the Jan 12 announcement at 0.9360.
As an alternate scenario, the first USD/CHF demand zone would be the January 26 daily low at 0.9158. If this zone is broken, the pair could drop to 0.9085.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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