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USD/CHF Status on 20/12/2023

USD/CHF Status on 20/12/2023

December 20, 2023

USD/CHF Status on 20/12/2023 – 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: 1.08881
• Second key support level of EUR/USD: 1.08291
• Third key support level of EUR/USD: 1.07437
• First key resistance level of EUR/USD: 1.09506
• Second key resistance level of EUR/USD: 1.10038
• Third key resistance level of EUR/USD: 1.10937

• First key support level of USD/CHF: 0.86297
• Second key support level of USD/CHF: 0.859073
• Third key support level of USD/CHF: 0.855701
• First key resistance level of USD/CHF: 0.866492
• Second key resistance level of USD/CHF: 0.868192
• Third key resistance level of USD/CHF: 0.871223

• First key support level of GBP/USD: 1.26146
• Second key support level of GBP/USD: 1.25033
• Third key support level of GBP/USD: 1.24550
• First key resistance level of GBP/USD: 1.26796
• Second key resistance level of GBP/USD: 1.27912
• Third key resistance level of GBP/USD: 1.28327

• First key support level of USD/JPY: 143.300
• Second key support level of USD/JPY: 142.471
• Third key support level of USD/JPY: 140.919
• First key resistance level of USD/JPY: 145.000
• Second key resistance level of USD/JPY: 146.000
• Third key resistance level of USD/JPY: 146.609

 

An overview of the status of the USD/CHF currency pair on 20/12/2023.

Over the past two months, the USD/CHF currency pair has demonstrated a persistent downward trend, with sellers successfully pushing the price level to its lowest point of 0.85908.

After an extensive analysis of the chart’s status over long-term intervals, the current market situation does not favour the buyers. If the price floor of 0.85908 is removed, the price may likely experience further decline, potentially reaching the critical support levels of 0.85756 and 0.85000 (Warning for buyers with medium-term transactions).

As the price approaches the critical support level of 0.86000, some sellers are closing their trades. So far, the selling pressure has slightly eased. In short-term intervals, such as daily, the current market price appears relatively oversold, indicating an opportunity to form a price floor and potentially continue its upward trajectory during the following periods.

The current market situation indicates that a descending channel pattern influences the price. It is noteworthy that the support line of this technical pattern has demonstrated its efficacy on the 1st and 14th days, effectively preventing further decline whenever the price hits it. The support edge in question has recently undergone another round of testing, which has piqued the interest of traders.

In general, maintaining a price floor of 0.85908 could potentially correct the downward trend of the price, albeit weakly. Consequently, buyers may seek to attain the resistance level of 0.86290 and progress towards 0.866.

 

CloseOption Team

www.closeoption.com

 

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