USD/CHF Faces Resistance at Level 0.9300, May Resume Uptrend

16 March 2021 | Updated: 16 March 2021

Key Resistance Levels: 0.9400, 0.9500, 0.9600
Key Support Levels: 0.9100, 0.9000, 0.8900

USD/CHF Price Long-term Trend: Bullish
The pair is presently in an upward move. The pair is falling after rejection from the recent high. On March 9, a retraced candle body tested the 78.6% Fibonacci level. This retracement indicates that the market will rise to level 1.272 Fibonacci extension and reverse. That is the high of level 0.9498.

USD/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 63 of the Relative Strength Index period 14. It implies that the price is in the uptrend zone. The price has room to rally on the upside. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.

USD/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On March 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the price will fall to level 1.272 Fibonacci extensions or the low of level 0.9242. The current downtrend has reached bearish exhaustion.

USD/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The price is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The pair is likely to resume upward.

General Outlook for USD/CHF
USD/CHF is presently fluctuating below level 0.9300 to break above it. The uptrend will resume if price breaks above the current resistance. According to the Fibonacci tool, the market will rise to level 1.272 or 0.9498.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.