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Technical Analysis – USD/CHF continues bullish action

USD/CHF 09/04/19 | EconAlerts

USD/CHF continues bullish action in both the short and long terms.

USD/CHF is heading upwards after it posted a strong rebound on the 23.6% Fibonacci retracement level of the up leg from 0.9185 to 1.0130 around the 0.9900 psychological level.

Technically, the red Tenkan-Sen line is pointing north, indicating a bullish action, however, the RSI is moving near the neutral threshold of 50.

Immediate resistance is coming from the 40-simple moving averages (SMA) currently around 1.0000, which is standing near the upper surface of the Ichimoku cloud. A jump above these lines could shift traders’ eyes at the 20-month peak of 1.0130. A daily close above this level could prove challenging for the bulls but doing so would shift the attention up to the next barrier of 1.0170.

On the other hand, a downside reversal would likely retest the 20-SMA around 0.9970, while even lower the 23.6% Fibonacci region of 0.9900 and the 0.9890 support level are would come into focus. A drop below this area could confirm another bearish rally until the long-term ascending trend line around 0.9850.

In the long-term outlook retains a bullish structure, while in the medium-term, USD/CHF has been stuck in a range between 0.9715 and 1.0130.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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