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USD/CHF In An Uptrend

By JFD TeamForexNov 24, 2021 07:56AM ET
USD/CHF In An Uptrend
By JFD Team   |  Nov 24, 2021 07:56AM ET
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USD/CHF traded higher on Wednesday, breaking above yesterday’s high, at around 0.9344. That said, the advance was temporarily stopped near the 0.9368 barrier, marked by the peak of Sept. 30. Overall, the pair continues to print higher highs and higher lows above the upside support line drawn from the low of Nov. 9, and thus, we would consider the short-term picture to be positive.

A clear break above 0.9368 could signal a trend continuation and take the rate into territories last tested in April. We see the next resistance at around 0.9396, marked by the high of Apr. 6, the break of which could set the stage towards the high of the day before, at about 0.9440.

Shifting attention to our short-term oscillators, we see that the RSI, already near its 70 line, has turned up again. It could emerge above 70 soon. The MACD lies well above its zero line, slightly above its trigger. Both indicators detect high upside speed and support the notion for further advances in this exchange rate.

On the downside, we would like to see a dip below yesterday’s low of 0.9300 before we start examining a short-term reversal. The rate would already be below the upside line taken from the low of Nov. 9, and the bears may get encouraged to dive towards the low of Nov. 19, at around 0.9250, or the low of Nov. 16, at 0.9237. If neither zone can stop the slide, we may experience extensions towards the low of Nov. 15, at 0.9187.

USD/CHF 4-hour chart technical analysis.
USD/CHF 4-hour chart technical analysis.

USD/CHF In An Uptrend

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USD/CHF In An Uptrend

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