The USD/CHF is currently recovering in its downtrend which started after hitting a resistance around 1.006 in November 2022. After then we started having a weakening of the swiss franc. till it touched the low around 0.84021 region. Afterwards we see a correction.
On a monthly time frame it the currency is currently testing the former support around 0.88063. On a technical Analysis point, it is expected that this region will act as a resistance. It was a strong support that was tested around April 2014, January 2015, January 2020 and July 2023. It is expected that this should be a resistance for now.
On a weekly time frame there is not much change in comparison with the monthly, and it agrees with the analysis stated above for the monthly time frame.
On a daily time it is expected under normal circumstances of the technical Analysis that this reversal will reach the area 0.85544. As seen that there is no steady movement just a long term consolidation of the currency pairs.
To open a trade I will narrow down to 4H as well as 1H timeframe to have a clearer view for a very good entry.
Note: All analysis are mine and this means it is not a financial advice
Do not trade money you cannot lose. make personal research before opening any trade.
Thanks
