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Setback Likely for USDCHF Before Uptrend Resumes

Setback Likely for USDCHF Before Uptrend Resumes

2018-03-12 14:39:00
Martin Essex, MSTA, Analyst

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.

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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)

Updated USDCHF chart showing current uptrend

Chart by IG

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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.

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--- 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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