Bottom line: USDCHF medium term structure has turned bullish against 0.9000 lows. The currency has dropped through potential support zone around 0.9150/60 mark as bulls might remain poised to push toward 0.9400/50 levels from here.

 Fundamental Outlook:

USDCHF had dropped to weekly low around 0.9160/65 yesterday before finding some bids. The exchange rate is trading close to 0.9200 mark for now and is expected to gain further from here. The US Dollar might be setting up to gain across major currencies over the next few weeks as no deal has been reached on another stimulus.

Technical Analysis:

USDCHF has dropped towards 0.9150/60 support zone during the past few sessions before pulling back. The currency trades above 0.9200 mark as we prepare to publish today’s update. If 0.9055 remains intact, bulls might be inclined to push towards 0.9400/0.9500 levels at least.

USDCHF had dropped to 0.9000 handle on August 31, 2020 and since then, has remained in control of bulls. It has managed to carve higher highs and higher lows and might be preparing to push towards another high around 0.9400/0.9500, going forward.

The recent boundary is seen between 0.9055 and 0.9300 levels respectively. The currency has dropped to 0.9164, which is also close to fibonacci 0.618 retracement of the above rally. A bullish turn here would push through next in line resistance around 0.9500 mark.

Most traders might be preparing to initiate fresh long positions around 0.9180/0.9200 support zone, with protective stops below 0.9050 and projected targets towards 0.9500/50 levels respectively. Only a consistent break below 0.9050 and subsequently 0.9000 would change the structure.

Prepared by

Harsh Japee, Technical Analyst.

USDCHF Chart

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