The USD/CHF is advancing strongly during the North American session on Friday, as Wall Street will end the last trading session of the week with losses. Therefore, USD/CHF is trading at 0.9260, up 1.42% from its opening price.
On Friday, the USD/CHF rally broke two downward resistance trend lines, which would pave the way for further losses. Furthermore, the 20-day EMA at 0.9210 has rallied during the uptrend, exposing crucial resistance levels which, once breached, could pave the way for further gains.
The first resistance for USD/CHF will be the daily high on January 31 at 0.9288. A break of the latter level and the 50 day EMA at 0.9307 would be in play, followed by the January 12 high at 0.9360.
On the flip side, the first support for USD/CHF would be the 20-day EMA at 0.9210. If bears were to recapture this latest level, the slide below 0.9200 would deepen, followed by the 3rd February daily low at 0.9112.
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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