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June 22, 2022
The US Dollar, Swiss Franc pair fell rapidly from above the 1.0000 level. USD/CHF broke below support at 0.9800, and both the 100-MA (red) and 200-MA (blue).
USD/CHF 4-Hour Chart (Trend: BEARISH)
On the 4-hour chart, the USD/CHF pair declined rapidly, breaking below the 0.9700 support level. The quote dropped as low as 0.9620 before correcting higher. There was also a test of the 0.9720 resistance level, which is also close to the 23.6% Fibonacci retracement level of the downward move from the swing high of 1.0050 to the swing low of 0.9619. The quote is currently consolidating between the 0.9600 and 0.9700 levels.
For the pair to continue bearish, the quote will first need to break below the 0.9620 support level. Below this there is further support near 0.9550. Further losses could take the quote down as far as 0.9500.
In contrast, if the pair turns bullish, the quote will first need to test the 0.9720 level and the 23.6% Fibonacci retracement level (of the 1.0050 high to the 0.9619 low). Above this there is further resistance near 0.9840 and the 50% Fibonacci retracement level (of the 1.0050 high to the 0.9619 low). Further gains could take the quote up as far as the 0.9950 resistance level and the 78.6% Fibonacci retracement level (of the 1.0050 high to the 0.9619 low).
Forex & Indices Analyst
James Stone is our Lead Forex and Indices Analyst.
James is a professional market analyst, with many years experience trading both forex and cryptocurrencies.
He holds an MBA in Investment Finance and is working towards his Ph.D.
Before joining FVPTrade, James served as a senior analyst at Forex Live.
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