USD/CHF bounces off support zone

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Source: Dukascopy Bank SA


The USD/CHF rate has reached the support zone at 0.9090/0.9105. Once again, the support zone has held and a recovery appeared to have started in 2022. On January 6, the currency pair was being held down by the 50-day simple moving average near 0.9210.

A breaking of the resistance of the 50-day simple moving average might result in a surge to the resistance zone of the September and November high levels at 0.9335/0.9375. However, note that an attempted recovery in mid-December was stopped by the 0.9300 level's psychological effect.

On the other hand, a decline of the rate is most likely going to find minor support in the 200-day SMA at 0.9170 and the 0.9150 level, before aiming at the September and November low level zone at 0.9090/0.9105. If the rate moves below the zone, USD/CHF could reach the August low level at 0.9020.
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