The USDCHF has been in an uptrend since September 2024. Recently, the price managed to break above the resistance at 0.9020, but a pullback quickly occurred. Currently, the aforementioned zone is being tested from the top and should be treated as support. According to the classic assumptions of technical analysis, keeping the price above further chances for a move even towards 0.9220, where the tops of October 2023 and April 2024 fall. On the other hand, should the current downward correction deepen, the next support will be the 0.8920 level, where the lower limit of the 1:1 system - red rectangles - falls.
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USDCHF, D1 interval. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appLooking at the lower time frame - H1, on the other hand, we observe an upward trend. The 0.9020 level is a key short-term support. It stems not only from previous price reactions (also visible on the D1 interval), but also from the lower limit of the local 1:1 system. According to the Overbalance methodology, keeping the price above gives a chance for a move towards the recent maxima. Otherwise, if the geometry is negated, the downward movement may gain momentum. Then Fibonacci measures and levels from the D1 interval should be considered as further support.
USDCHF H1 interval. Source: xStation5
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