Key Highlights
- USD/CHF extended losses and traded below the 0.8860 support.
- A key bearish trend line is forming with resistance at 0.8825 on the 4-hour chart.
- EUR/USD climbed above the 1.0800 resistance zone.
- GBP/USD might soon aim for a move toward 1.3000.
USD/CHF Technical Analysis
The US Dollar remained in a bearish zone below 0.8920 against the Swiss Franc. USD/CHF extended losses below 0.8850 to move further in a bearish zone.
Looking at the 4-hour chart, the pair settled below the 0.8825 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even dived below the 0.8800 support zone.
It tested the 0.8760 zone. On the downside, immediate support sits near the 0.8765 level. The next key support sits near the 0.8720 level. Any more losses could send the pair toward the 0.8650 level.
On the upside, the pair seems to be facing hurdles near the 0.8820 level. There is also a key bearish trend line forming with resistance at 0.8825 on the same chart. The next major resistance is near the 0.8865 level.
The main resistance is now forming near the 0.8900 zone. A close above the 0.8900 level could set the tone for another increase. In the stated case, the pair could even clear the 0.8940 resistance.
Looking at GBP/USD, the pair also started a decent increase and the pair could now aim for a move toward the 1.3000 resistance.
Upcoming Economic Events:
- US NFIB Business Optimism Index for Feb 2025 – Forecast 101.0, versus 102.8 previous.
