USDCHF Market Update
Recently, the USDCHF price climbed to 0.8610. However, short-term selling pressure on Monday pushed the price down to the support level of 0.8530, where buyers stepped back in. By Tuesday, the price rebounded to 0.8580. Today’s release of U.S. Import Prices and the Trade Balance for August exceeded expectations, which could bolster the USD further.
Technical Analysis
For the USDCHF pair, immediate support is found at 0.8530 and 0.8470, while resistance levels are positioned at 0.8620 and 0.8680. On the 4-hour chart, both the 50 EMA and 200 EMA are situated below the current price, suggesting a potential short-term uptrend.
USDCHF Outlook
The recent bounce from the 0.8530 support indicates a potential move toward the next resistance at 0.8620. If the price manages to stay above 0.8620, it could target 0.8680 next. Conversely, a drop below 0.8495 might signal a reversal from the current short-term uptrend into a bearish trend.
Check out more of USDCHF Outlook and analyses. Click Here
