Products You May Like
The USDCHF experienced a sharp decline on Monday, driven by a stock market tumble led by Nvidia and broad USD selling.
The pair on Monday, found support at 0.8965, the 50% retracement level of the December 2024 rally, and rebounded sharply off of that key support hold. Midweek trading was volatile, with the price fluctuating around the 200-hour MA, but it established a base near this level during the US session yesterday and pushed higher. .
The subsequent bounce continued into today’s trading, and pushed the pair toward a swing area resistance between 0.9108 and 0.9114, where sellers stepped in and drove the price lower.
Key Levels to Watch:
- Support:
- Swing area at 0.9077.
- Converged 100/200-hour MAs at 0.9062. A break below this level would shift the technical bias bearish.
- Resistance:
- Swing area top at 0.9114. A move above this level would favor buyers and further upside momentum.
The pair remains in a range, with the battle between 0.9114 resistance and 0.9062 support likely determining the next directional move. Traders should watch these levels for breakout signals.
USDCHF technicals