USD/CHF: technical update
As we’ve forecasted in our last review on Tuesday, USD/CHF remained in consolidative mode. On the daily chart the fight between bears and bulls is taking place between the bearish Ichimoku Cloud ($0.9380) on the upside and the 200-day MA on the downside ($0.9358).
There’s a kind of a falling wedge on H4. An increase above the resistance line connecting July 15 and 19 highs might bring the pair up to 0.9535. Resistance lies at 0.9405, 0.9440 (50% Fibo) and 0.9480. Still there’s scope for more declines. Support lies at 0.9350, 0.9322 and 0.9300. Downside targets lie at 0.9278 (76.4% Fibo) and 0.9250.
Chart. H4 USD/CHF