USDCHF Price Trading Through Key Support
Thurs 6th April 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- USDCHF
- AUDCHF (Covered in Video)
Today we’re looking at Trading Setups in: USDCHF & AUDCHF (Covered in Video)
USD weakness remains evident in the market and features on both tables as weak.
The CHF has become the strongest currency on the day traders table offering opportunities on USDCHF.
USDCHF has been moving lower since finding resistance at the major highs of 1.0025.
Price has traded through the key lows of 0.9400 and retested it on the other side as resistance.
This has seen the price trade even lower and now we can see it below the lows of 0.9100.
If the price does the same here and retest the 0.9100 combined with the trend line resistance, we could see further selling opportunities.
Sellers could look to target the untested lows at 0.8950 or 0.8775.
Technical Observations
- The CHF is S1 and USD is W2 on the day traders table.
- Price has rejected the key resistance at 0.9400.
- Price is trading below supporting lows of 0.9100.
- This level could be used as resistance in combination with a trend line.
