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USD/CHF technical analysis: Another attempt to defy 2-month-old rising wedge resistance

  • USD/CHF again aims to break two-month long rising trend-line, part of a bearish technical formation.
  • Bullish MACD can trigger an uptick to 61.8% Fibonacci retracement.
Sustained trading above 0.9948/50 confluence again propels USD/CHF to confront near-term key resistance-line while taking the bids to 0.9988 amid Tuesday’s Asian session.

A rising trend-line since August-start, coupled with another one connecting lows marked since August 13, portrays a short-term bearish technical formation that gets confirmed on the break of the support line.

However, pair’s run-up beyond 0.9990 resistance will defy the pattern and could extend the run-up to 61.8% Fibonacci retracement level of April-August declines, at 1.0016.

During the pair’s further advances past-1.0016, mid-May lows nearing 1.0050 and 1.0100 will flash on bulls’ radar.

Alternatively, pair’s decline below 0.9950/48 support-confluence including 200-day simple moving average (SMA) and 50% Fibonacci retracement could recall 0.9900 to the chart while formation’s support-line close to 0.9870 might challenge bears then after.

USD/CHF daily chart, April - October 2019

(see more posts on USD/CHF, )
USD/CHF daily chart, April - October 2019

- Click to enlarge

Trend: bullish

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Anil Panchal
Anil Panchal, has seven years of experience as a commodity research analyst and six years' rich knowledge of Forex markets. He holds a masters degree in Business Administration with Finance being specialization.
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Permanent link to this article: https://snbchf.com/2019/10/panchal-usd-chf-technical-analysis-another-attempt-defy-2-rising-wedge-resistance/

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