We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bullish
More View more
Real Time News
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/ZCT4pwc6nv
  • Greed has proven to be a hindrance more than assistance for traders. How does greed impact your trading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/C4vrTm69sE
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/WkwZK6wtzy
  • The $GBPUSD may be carving out a 4-year bearish candlestick pattern as the $EURGBP downtrend prolongs. GBP/JPY may rise but be wary of #Brexit risks clouding technical analysis. Get your GBP market update from @ddubrovskyFX here: https://t.co/wzV4fygKWe https://t.co/hpDmrh0LLo
  • Get your technical setups for the British Pound ahead of the key #Brexit vote in Parliament this weekend here $GBPUSD $EURGBP $GBPJPY - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/19/GBPUSD-EURGBP-GBPJPY-Technical-Analysis-Amid-Brexit-Deal-Vote.html?CHID=9&QPID=917702 https://t.co/TBdvAY6GN2
  • The Australian Dollar could reverse gains if #Brexit is forced to be delayed. Global growth slowdown woes and other fundamental risks may also undermine $AUDUSD upside progress. Get your $AUD market update from @ddubrovskyFX here: https://t.co/VAs2C3cpQj https://t.co/9mqJ0DSLZZ
  • Here is my trading video for the week ahead: '$EURUSD, #Pound, Volatility - The Biggest Risks and Opportunities Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/19/EURUSD-Pound-Volatility---The-Biggest-Risks-and-Opportunities-Ahead-.html
  • $GBPUSD is on the verge of pushing above five-year resistance. A break above with follow-through may precede considerable upside movement. Get your GBP/USD market update from @ZabelinDimitri here: https://t.co/0qfh7TRWJn https://t.co/GImIwuGodX
  • The $AUD may resume its downtrend while the #ASX 200 stock index powers higher as dovish monetary policy drives interest rates lower. Get your market update from @IlyaSpivak here: https://t.co/UPlHZrt6c2 https://t.co/EIIf9xackw
  • (Fundamental Forecast) Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang $AUDUSD #Brexit - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2019/10/19/Australian-Dollar-Could-Wilt-if-Brexit-Delayed-Growth-Risks-Hang.html?CHID=9&QPID=917702 https://t.co/2aOYhblN3g
USD/CHF Technical Analysis: Upward Trend Losing Momentum

USD/CHF Technical Analysis: Upward Trend Losing Momentum

2019-04-30 15:04:00
Mahmoud Alkudsi, Market Analyst
Share:

USD/CHF Technical Analysis: Upward Trend Losing Momentum

USD/CHF Technical Strategy

  • USD strength seen in the last two weeks.
  • USD/CHF important levels to watch.

See the Q2 USD forecast to learn what is likely to drive price action through mid-year!

Since mid-April USD has been rallying against most major currencies, including the CHF, due to better than expected economic data (Retail Sales and GDP Q1) easing FED concerns about current economic growth levels. Markets will be waiting tomorrow for the latest US interest rates decision with no change expected. How will this affect USD/CHF?

See the DailyFX Economic Calendarfor a comprehensive look at the week’s important data releases.

Just getting started and need a hand?See our beginners’ guide for FX traders

USD/CHF Daily Price Chart (Aug 2018 – April 30, 2019)

USD/CHF Technical Analysis: Upward Trend Losing Momentum

Bearish Developments and Levels to Keep in Focus

Since March 20th USD/CHF has been pushing higher and breaking significant resistance levels, however the most important development was on April 18th when prices broke through Nov 13th high at 1.0128 and continued rallying to print 1.0239 on April 26th, its highest levels since nearly 2 and a half years.

On Tuesday April 23rd USD/CHF prices broke a significant level at 1.0215 but failed to close above, and this failure was repeated five times in the following days, to highlight a weakness in the uptrend momentum, which also shows on RSI reading dropping from 80 to 76 considering that any fall in RSI reading below 70 would uphold the bearish bias.

Today April 30th prices are testing the up-trend line originated from the 10th Jan Low and if prices break and remain below 1.0184 then any sell off would eye the end of the range at 1.0134. Support levels at 1.0167 – 1.0161 and 1.0148 -1.0143 should be monitored along the way.

What if USD/CHF closes above 1.0215?

In this case, bullish sentiment would suggest a draw towards 138 .20% Fibonacci extension at 1.0285, if the move breaks resistance levels as 1.0230, 1.0255, 1.0278 first.

USD/CHF Prices 2 Hour Chart (April 30 2019)

USD/CHF Technical Analysis: Upward Trend Losing Momentum

We notice a formation of a Double Top pattern where the neck line resides at 1.0169, and prices might swing lower towards 1.0109 if USD/CHF breaks through and remains trading below. Support at 1.0128 also needs to be watched.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

Having trouble with your trading strategy?Here’s the #1 mistake that traders make

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

DISCLOSURES

News & Analysis at your fingertips.