Technical Analysis of the USD/CHF- 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: 1.07447
• Second Key support level of EUR/USD: 1.069193
• Third Key support level of EUR/USD: 1.053674
• First key resistance level of EUR/USD: 1.087082
• Second Key resistance level of EUR/USD: 1.092885
• Third Key resistance level of EUR/USD: 1.103263

• First key support level of USD/CHF: 0.916508
• Second Key support level of USD/CHF: 0.913702
• Third Key support level of USD/CHF: 0.908526
• First key resistance level of USD/CHF: 0.921719
• Second Key resistance level of USD/CHF: 0.924565
• Third Key resistance level of USD/CHF: 0.931303

• First key support level of GBP/USD: 1.22
• Second Key support level of GBP/USD: 1.201915
• Third Key support level of GBP/USD: 1.183607
• First key resistance level of GBP/USD: 1.236
• Second Key resistance level of GBP/USD: 1.244716
• Third Key resistance level of GBP/USD: 1.266043

• First key support level of USD/JPY: 131.753184
• Second Key support level of USD/JPY: 130.546667
• Third Key support level of USD/JPY: 129.636292
• First key resistance level of USD/JPY: 133.001124
• Second Key resistance level of USD/JPY: 135.13
• Third Key resistance level of USD/JPY: 136.129157

 

Technical Analysis of the USD/CHF Currency Pair on 29/03/2023.

As mentioned in the previous analysis of the USD/CHF currency pair on 02/02/2023, the price had the potential to rise and progress according to the reasons mentioned. Finally, the buyers managed to increase and achieve the mentioned targets. However, in the current situation, according to the type of price movements formed in long-term intervals, such as monthly and weekly, there is no clear and transparent reason for the rise or fall of the price.

Somehow price confusion happened, and this can be seen by the formation of candlesticks similar to the Spinning top pattern in the weekly time frame. Since the price is in a relatively oversold state during these periods and the price support level has been maintained at 0.91000, there is still the potential for growth and development in this currency pair. From another point of view, the price is now on the long-term upward trend line (consisting of three support points), which has prevented the price from further falling, and the breaking of this trend line is a crucial sell signal, in which case the price will have the potential to fall and decrease to the support level of 0.9 in the first step. (Warning for buyers with no plan)

In shorter periods, such as daily with the upward closing of the daily candle on the previous day, the ideal hammer candlestick pattern dated the 23rd has been confirmed. It has the potential of rising and increasing from these areas. According to the current conditions, the first warning to start the upward trend will be obtained by breaking the resistance level of 0.921679, and in this regard, the price will have the potential to rise and reach the critical levels of 0.931 and in the next step up to 0.942844.

 

CloseOption Team

www.closeoption.com