Bottom line: USDCHF medium to long term structure has turned bullish against 0.9000 lows. Further, the currency might have carved yet another higher low around 0.9133 as bulls prepare to push higher towards 0.9450/0.9500 levels going forward.
Fundamental Outlook:
USDCHF has dropped to 0.9133 mark from 0.9300 highs in the past few trading sessions. The exchange rate has been under pressure as global equity markets and risk assets have managed to rally, pulling down the US Dollar. The currency pair might find some bids coming in around 0.9130/40 zone going forward.
Technical Analysis:
USDCHF might be preparing to resume its rally towards 0.9450/0.9500 mark as the currency managed to carve yet another potential higher low around 0.9133 mark. Ideally, bulls should be able to hold prices above the 0.9000 handle and remain in control from here.
USDCHF had earlier dropped from 0.9900 through 0.9000 mark, before managing to reverse. Bulls have remained in control since then and managed to push through 0.9300 levels carving a higher low around 0.9050 mark.
USDCHF might have carved yet another higher low around 0.9133 levels after pulling back from 0.9300 highs. Also note that fibonacci 0.618 retracement of the recent rally between 0.9050 and 0.9300 is passing through 0.9130/40 levels.
High probability remains for a bullish turn from here pushing towards 0.9450 and 0.9500 respectively. Bottom line, UDCHF should stay above 0.9050 and 0.9000 handle going forward. Potential also remains for a push towards 0.9900 resistance over the next several weeks.
Most traders might be preparing to initiate fresh long positions around 0.9330/40 support zone, with protective stop below 0.9000 and projected targets above 0.9500 levels respectively. Only a break below 0.9000 would change the bullish structure.
Prepared by
Harsh Japee, Technical Analyst.
USDCHF Chart
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