USD/CHF Overview as of September 10th, 2024 – 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: 1.1000
• Second key support level of EUR/USD: 1.09485
• Third key support level of EUR/USD: 1.09000
• First key resistance level of EUR/USD: 1.10257
• Second key resistance level of EUR/USD: 1.11410
• Third key resistance level of EUR/USD: 1.12000
• First key support level of USD/CHF: 0.84310
• Second key support level of USD/CHF: 0.83754
• Third key support level of USD/CHF: 0.83300
• First key resistance level of USD/CHF: 0.85370
• Second key resistance level of USD/CHF: 0.85785
• Third key resistance level of USD/CHF: 0.87289
• First key support level of GBP/USD: 1.30442
• Second key support level of GBP/USD: 1.30000
• Third key support level of GBP/USD: 1.28959
• First key resistance level of GBP/USD: 1.31408
• Second key resistance level of GBP/USD: 1.32100
• Third key resistance level of GBP/USD: 1.32630
• First key support level of USD/JPY: 141.800
• Second key support level of USD/JPY: 140.300
• Third key support level of USD/JPY: 138.000
• First key resistance level of USD/JPY: 143.700
• Second key resistance level of USD/JPY: 147.200
• Third key resistance level of USD/JPY: 149.400
USD/CHF Overview as of September 10th, 2024
The USD/CHF pair has experienced a strong and consistent downtrend over the past 4 months, with sellers reaching the lowest price level of 0.83733 during this period. Currently, the chart is positioned near one of its historical lows, and the prevailing trend remains bearish.
If the support level of 0.83733 is breached, there is a potential for further downward movement, initially reaching the support level of 0.83300.
On a weekly timeframe, there are initial (weak) signs of a potential bottom formation. The appearance of a Hammer and Spinning Top candlestick pattern, though not ideal, combined with the Stochastic indicator being oversold, suggests that traders may be hesitant to continue the downtrend, and a potential (albeit weak) bottom formation might develop in the coming candles.
Regarding price movements, a bullish bat harmonic pattern is forming between the support level of 0.83300 and the resistance level of 0.92210. This pattern indicates a potential upward price movement once point D is completed.
In shorter timeframes, such as daily, high-risk buyers are actively participating. The formation of an ideal Spinning Top candlestick pattern (on the 6th day) and the previous day’s bullish candle indicate their activity and a potential trend reversal. Breaking the resistance level of 0.85370 would provide a clearer signal for buyers.
The CloseOption Team
