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: 1.09503
• Second Key support level of EUR/USD: 1.09000
• Third Key support level of EUR/USD: 1.08500
• First key resistance level of EUR/USD: 1.09982
• Second Key resistance level of EUR/USD: 1.10610
• Third Key resistance level of EUR/USD: 1.11100
• First key support level of USD/CHF: 0.85301
• Second Key support level of USD/CHF: 0.85000
• Third Key support level of USD/CHF: 0.84000
• First key resistance level of USD/CHF: 0.86000
• Second Key resistance level of USD/CHF: 0.86420
• Third Key resistance level of USD/CHF: 0.86930
• First key support level of GBP/USD: 1.30598
• Second Key support level of GBP/USD: 1.30015
• Third Key support level of GBP/USD: 1.29000
• First key resistance level of GBP/USD: 1.31089
• Second Key resistance level of GBP/USD: 1.32371
• Third Key resistance level of GBP/USD: 1.34288
• First key support level of USD/JPY: 147.321
• Second Key support level of USD/JPY: 146.394
• Third Key support level of USD/JPY: 145.408
• First key resistance level of USD/JPY: 149.148
• Second Key resistance level of USD/JPY: 150.905
• Third Key resistance level of USD/JPY: 151.851
USD/CHF Outlook as of 2024.10.08
As highlighted in the previous analysis of the USD/CHF pair dated 2024.09.10, the technical indicators suggested an upward potential, which ultimately materialized in price appreciation. The price has risen consistently over the past few weeks, with buyers pushing the pair to a new high of 0.86066.
The previous monthly candle closed as a Spinning Top pattern, which indicates uncertainty among traders. This pattern suggests the potential for a price floor to form within the upcoming candles.
On a weekly timeframe, the bullish harmonic bat pattern identified in the previous analysis remains valid, indicating the potential for continued price appreciation in the coming weeks.
Currently, there are no clear and obvious reasons for a price decline on longer timeframes like monthly and weekly. The first signal against further bullish movement will be the breach of the support level at 0.84000.
On shorter timeframes like daily and 4-hour, the price is currently undergoing a correction of the recent uptrend. The key level of 0.85379 has already prevented a further drop in price once. If daily or 4-hour candles close above this level, it will further boost buyers’ hope for continued price gains.
The CloseOption Team