USDCHF talking points:
- USDCHF will find it hard to make much more progress near-term and could easily slip back.
- However, it is currently in an uptrend and that should reassert itself once the pair has paused for breath.
Learn how to trade like an expert by reading our guide to the Traits of Successful Traders
Check out the top trading opportunities for 2018 on the DailyFX Trading Guides page
Resistance on the charts for USDCHF
USDCHF has been in an uptrend for almost a month but currently faces strong resistance that could cap the upside near-term before its climb resumes.
USDCHF Price Chart, Daily Timeframe (December 6, 2017 – March 12, 2018)
Whether you are a new or an experienced trader, we have many resources at DailyFX available to help you. For a start, check out the IG Client Sentiment data.
As the chart above shows, USDCHF is approaching three major resistance levels:
- At 0.9530 from the trendline joining the February 8, March 8 and March 9 highs.
- At 0.9590 from the trendline joining the December 8, December 26, December 27 and January 10 highs.
- And at 0.9628 from the 100-day moving average.
These are likely to prove tough to break through and failure could lead to a drop back to 0.9400, where both the 50-day moving average and the rising trendline joining the February 16 and March 7 lows provide support. However, that support line suggests that for almost a month now USDCHF has been trending higher and any setback would provide a good entry point for further gains.
To the upside, longer term, the highs close to 0.9845 touched on January 9 and January 10 would then be possible targets.
Resources to help you trade the forex markets
Whether you are a new or an experienced trader, we have manyresources available to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex
