USD/CHF pierces pattern's resistance

Source: Dukascopy Bank SA


Since the start of July, the USD/CHF declined in the broad channel down pattern as low as 0.8550, before starting a recovery. Most recently, the rate pierced the upper trend line of the channel down pattern, indicating that the major decline might have ended.

If the US Dollar continues to gain value against the Swiss Franc and the pattern is properly broken, a potential surge could pause near the 0.9000 mark. The 0.9000 level has acted as support and resistance. Moreover, this level is being approached by the 200-day simple moving average. Higher above, the 0.9100 level has shown to be capable of acting as resistance.

On the other hand, a resumption of the Dollar's decline might look for support in the 2021 low level at 0.8760 and the 50-day simple moving average. Both of these levels have shown to be capable of acting as support since mid-August. A passing below these levels is expected to result in the rate looking for support in the 0.8700, 0.8600 and 0.8550 levels. These levels acted as support and resistance during July and early August.
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