Created
: 2024.04.12
2024.04.12 05:12
The USD/CHF retreats from year-to-date (YTD) highs reached on Wednesday and drops below the 0.9100 figure as risk appetite improves. The major trades were down by 0.9099 by 0.32%.
From a technical perspective, the daily chart depicts the pair as upward biased. After bottoming around the 0.8300 figure, successive series of higher highs and higher lows, alongside the breach of key resistance levels like the 50, 100, and 200-day moving averages (DMAs), opened the door for further upside.
However, after peaking at around 0.9147, the USD/CHF dipped below the April 3 high turned support at 0.9095, but unless the pair closes below the latter, the rally remains alive. The first resistance would be the 0.9100 mark, followed by the year-to-date (YTD) high of 0.9147. Once cleared, the next stop would be the 0.9200 mark, closely followed by the October 3 high of 0.9245.
In the scenario of sellers pushing spot prices below 0.9095, that could pave the way for testing the April 10 swing low of 0.9023, followed by 0.9000.
Created
: 2024.04.12
Last updated
: 2024.04.12
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