USD/CHF Mid-Day Outlook: Analyzing the Recent Market Movements
Tuesday, 23 July 2024, 13:49
USD/CHF Mid-Day Outlook
The intraday bias in USD/CHF is currently bullish following the recent price action. The break of the 0.8914 support level has turned into resistance, indicating potential for further upward movement.
Key Resistance and Support Levels
- Current support is now at 0.8914, which has transformed into resistance.
- Anticipated rally towards the 55-day EMA at approximately 0.8967.
- A confirmed break above 0.9049 is necessary to validate the end of the bearish trend.
Without a break above the key resistance level, the risk remains tilted towards a potential downside correction at a later stage. Traders should remain vigilant and manage risks accordingly.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.