USD/CHF Analysis

[Elliot Harris]

Yesterday, the USD/CHF traded higher and closed the day in positive territory around the price of 0.9000. Today, the pair traded in the range of 0.8985–10, close to yesterday's closing price. On the hourly chart, USD/CHF trades below the moving average line MA (200) H1 (0.9025). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading, and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.

• Resistance levels are at 0.9015, 0.9075, and 0.9110-20.
• Support levels are at 0.8940–55, 0.8920, and 0.8880-90.

The main scenario is probably a resumption of the decline to 0.8955 (Nov. 6 low).
The alternative scenario is a final consolidation above the level of MA 200 H1, with subsequent growth to 0.9110 (Nov. 1 high).