Technical Analysis of the USD/CHF Currency Pair on 23/11/2023 -An overview of important support and resistance levels of the four major currency pairs of the ongoing week
• First key support level of EUR/USD: 1.08867
• Second Key support level of EUR/USD: 1.0852
• Third Key support level of EUR/USD: 1.078367
• First key resistance level of EUR/USD: 1.096533
• Second Key resistance level of EUR/USD: 1.1
• Third Key resistance level of EUR/USD: 1.106367
• First key support level of USD/CHF: 0.882853
• Second Key support level of USD/CHF: 0.8817
• Third Key support level of USD/CHF: 0.88
• First key resistance level of USD/CHF: 0.88551
• Second Key resistance level of USD/CHF: 0.88877
• Third Key resistance level of USD/CHF: 0.89488
• First key support level of GBP/USD: 1.25058
• Second Key support level of GBP/USD: 1.24502
• Third Key support level of GBP/USD: 1.23764
• First key resistance level of GBP/USD: 1.25591
• Second Key resistance level of GBP/USD: 1.26000
• Third Key resistance level of GBP/USD: 1.27000
• First key support level of USD/JPY: 148.94
• Second Key support level of USD/JPY: 148.600
• Third Key support level of USD/JPY: 148.140
• First key resistance level of USD/JPY: 149.700
• Second Key resistance level of USD/JPY: 150.780
• Third Key resistance level of USD/JPY: 151.9
Technical Analysis of the USD/CHF Currency Pair on 23/11/2023
As stated in the previous analysis of USD/CHF on 25.10.2023, the price had the potential to rise. Eventually, buyers gained control of the market. During the past week, prices have experienced a significant downward trend. During this period, sellers reached the lowest price point of 0.88169.
There seems to be no clear explanation for the recent price increase when analyzing long-term intervals such as monthly and weekly. If the current price floor of 0.88169 is broken, the price may fall to the critical support level at 0.87500-0.87189. (Warning for buyers with medium-term transactions)
In shorter timeframes, such as daily, the price has been prevented from further declining by reaching the support level of 0.88175. This indicates that some sellers have liquidated their transactions and exited the market.
The formation of the hammer, Inverted hammer and doji candlestick patterns indicate the temporary weakening of the downward trend and the sellers’ caution to continue the trend.
If the price floor of 0.88169 is maintained, the price may correct the downward and upward trends up to the resistance level of 0.885 and, in a more severe form, up to 0.88880.
CloseOption Team