What’s strong, steady, and trending for the past few weeks?
If you said Travis Kelce, you’re right. You’re probably not in a trading mindset though.
Because we’re talking about USD/CHF today!
USD/CHF 4-hour Forex Chart by TV
USD/CHF has been in an observable uptrend since mid-July when the pair found support from the .8550 area.
Dollar bulls have a chance to jump in the pro-USD train today as USD/CHF consolidates at an attractive retracement level.
As you can see, the .9050 minor psychological zone is not far from a trend line support that’s been around for months.
In this case, the trend line is also near the S1 (.9030) Pivot Point level as well as the 61.8% Fibonacci retracement line of October’s downswing.
Think USD/CHF can extend its uptrend in the next few weeks?
You can buy USD/CHF at current levels if you believe that the technical support indicators would hold.
The .9250 previous high would be a cool initial target but you can also aim for the .9400 zone that was relevant in early 2023.
Feel like USD/CHF’s uptrend has run its course?
If you’d rather sell the dollar against the Swiss franc, then you can wait for a clear breakout below the trend line and S1 Pivot Point level. You can also wait for sustained trading below the big .9000 if you’re not too sure about USD/CHF’s bearish momentum.
The .8925 seems pretty relevant for USD/CHF bulls and bears but you can also eye the .8800 or .8600 lows if the dollar ever gets strong bearish pressure.
Whichever bias you’re trading, make sure to factor in fundamental analysis in your trades.
For example, we have yet to see closely watched U.S. data releases like the FOMC meeting minutes and CPI reports. A lot of traders pay attention to these data releases so make sure you do too!