We have seen strong rallies in the US Dollar pairs yesterday, where the greenback is the base currency against its major counterparts. At the moment, we are seeing a strong short-term uptrend on the pair, that started on the 16th of February, which is still ongoing.
USD/CHF has got a good resistance level at 0.94700 that could potentially be tested soon. But before we could hit that level, the pair might do a bit of retracement to the 200 EMA, shown as black line on the 4h chart. That would be around the 0.94300 area. If this won’t be enough, then the next level of support could be yesterday’s resistance at around 0.94100. Both of these levels are good potential bounce areas for further upside moves.
On the other hand, if we start seeing the price being pushed below the 0.94100, then we should stay cautious as a break of the short-term upwards moving trendline that started on the 16th of February, could indicate that there is some weakness coming back to USD/CHF. This could take the price to test the 50 and 100 EMAs on the 4h chart. The area would be around 0.93750 mark.
USD/CHF has got a good resistance level at 0.94700 that could potentially be tested soon. But before we could hit that level, the pair might do a bit of retracement to the 200 EMA, shown as black line on the 4h chart. That would be around the 0.94300 area. If this won’t be enough, then the next level of support could be yesterday’s resistance at around 0.94100. Both of these levels are good potential bounce areas for further upside moves.
On the other hand, if we start seeing the price being pushed below the 0.94100, then we should stay cautious as a break of the short-term upwards moving trendline that started on the 16th of February, could indicate that there is some weakness coming back to USD/CHF. This could take the price to test the 50 and 100 EMAs on the 4h chart. The area would be around 0.93750 mark.