As the trading day nears its close, USDCHF is testing the lower boundary of its multi-week trading range, which has been in place since mid-December. On the 4-hour chart, the pair formed a double top at the January high two weeks ago before reversing lower. Last week, the price found buyers at range support (0.8965 - 0.8975) and rebounded, reaching a high of 0.9054 yesterday before turning lower again.
Today’s broad USD weakness has pushed USDCHF back to the upper boundary of the lower swing area (0.8965 - 0.8975), with the latest low touching 0.8975. This level now acts as a critical barometer for buyers and sellers heading into the next session.
Key Technical Levels:
Support:
0.8965 (break below here could open the door for further downside)0.8914 - 0.8927 (next key support zone)0.8882 (38.2% retracement of the December-February rally)0.8800 (100-day moving average)Resistance:
0.8997 - 0.9011 (higher swing area, reclaiming this would signal a continuation of the range-bound pattern)0.9054 (recent high, a break above strengthens bullish momentum)A break below 0.8965 could accelerate downside momentum toward 0.8914 - 0.8927. However, if buyers defend this support, a rebound toward 0.8997 - 0.9011 would reinforce the ongoing range-bound price action that has defined USDCHF over the past two months.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdchf moves toward low of trading range since mid december was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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