USD/CHF Price Forecast: Rejected at 0.8000 as double top looms
USD/CHF failed to clear key resistance at 0.8000 on Monday, recoiling to the 0.7900 handle as a double-top chart pattern looms. At the time of writing, the pair trades at 0.7979, down 0.18%.
USD/CHF Price Forecast: Technical Outlook
The technical picture shows that USD/CHF has enjoyed a steady recovery since bottoming at the yearly low of 0.7601 late January. Momentum seems constructive, as indicated by the Relative Strength Index (RSI), which suggests bulls are losing some steam.
If USD/CHF breaks the key support trendline around 0.7970, it opens the door to a move lower past the 0.7950 psychological figure, towards the next support at the 200-day SMA at 0.7940. On further weakness, the next stop is the 20-day SMA at 0.7909.
For a bullish continuation, the first resistance for USD/CHF is 0.8000, followed by the April 3 high at 0.8012. A breach of the latter will expose the January 15 high at 0.8041, followed by the November 25 daily peak at 0.8102.
USD/CHF Price Chart — Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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