USD/CHF today has closely approached the key support level of 0.9485 (200 EMA on the daily chart). Given the upward trend of the pair and the dollar, a rebound and resumption of positive dynamics is most likely from this support level.
In this case, and after the breakdown of important resistance levels 0.9540 (144 EMA on the daily chart), 0.9570 (200 EMA on the 1-hour chart), USD/CHF will head towards the resistance levels of 0.9635 (200 EMA on the 4-hour chart, 50 EMA on the daily chart), 0.9670 (61.8% Fibonacci retracement level of the upward correction to the downward wave that began in April 2019 near 1.0235).
Their breakdown, in turn, will finally complete the downward correction of USD/CHF and send the pair towards recent multi-month highs near 1.0000, 1.0060.
In an alternative scenario, the price will break through the support level of 0.9485, and USD/CHF will head towards the key support level of 0.9450 (200 EMA, 144 EMA on the weekly chart), which separates the long-term bullish trend of the pair from the bearish one.
Support levels: 0.9495, 0.9485, 0.9450, 0.9415
Resistance levels: 0.9540, 0.9570, 0.9635, 0.9670
Trading Tips
Sell Stop 0.9465. Stop-Loss 0.9550. Take-Profit 0.9450, 0.9415, 0.9400, 0.9325
Buy Stop 0.9550. Stop-Loss 0.9465. Take-Profit 0.9570, 0.9635, 0.9670, 0.9900, 0.9970, 1.0000, 1.0060
