14/11/22 Daily Currency Strength Analysis: USDCHF- Bullish Channel Breached

Mon 14th November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• USDCHF

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

USDCHF- Bullish Channel Breached

In today’s currency strength video we identified that CHF is S1 on the Day Traders Table and the USD is W1 on the Day Traders Table.

Last week’s CPI data saw the USDCHF pair fall over 500 pips breaking through multiple levels of support. 

If this momentum is to continue we could see a move ack to the lows of the longer time frame range at 0.8800.

The CHF was one of the best performing currencies last week which could continue into this week.

Typically when the price moves such a long way like on the USDCHF pair then we can often see a short term recovery. The currency strength indicator tables show the USDCHF as topping the Day Traders table this means we could see a short term opportunity develop on a rally.

Technical Observations

• The CHF is S1 on the day trader tables and the USD is W1.
• Monthly chart shows the price in a long term range with a recent rejection of the highs.
• Price has breached a bullish channel support on both weekly and daily time frames.
• H8 chart offers a day trading opportunity if the price rallies back to the trendline resistance.
• This hold confluence with horizontal resistance at 0.9625 and the 200 Moving Average.
• If sellers begin to get involved at this area again we could look for the price to trade lower again.