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Hello, dear traders!
The beginning of the week has been very active. We have already analyzed such pairs as EUR/USD, GBP/USD, AUD/USD, and USD/JPY. Now, let us take a look at the USD/CHF currency pair. We will begin with the weekly time frame.
Weekly
The dollar/franc pair finished the previous trading week with a drop to 0.8852. As we can see, this instrument is trading near the middle line (dotted line) of a downward channel. I have mentioned several times that the middle line of the channel may act as a support or resistance level depending on the situation. Notably, these levels could be really strong.
At the moment, the pair is not fixed above or below the mentioned line. This adds uncertainty about the pair's future movement. Let's find out what bulls and their opponents should do. To resume the uptrend, the pair should close the week above the dotted middle line of the upward channel and above the resistance level of 0.8924. Notably, the Tenkan line is located on the mentioned level, thus making resistance even stronger.
In case of success, the pair may reach the support level of 0.8981 broken earlier (purple) as well as the Kijun line located at 0.9025. Traders should also take into account the 0.9000 psychological level. The fact is that it shapes the further movement of the dollar/franc pair. At the same time, bears should break a strong support level of 0.8756 where the bullish candle began. This candle could be considered as a reverse area.
Daily
On the daily time frame, there are no significant changes. Despite yesterday's rise, the pair is still hovering between the Tenkan and Kijun lines, which act as a resistance and support level respectively. When I was finishing the article, the quote showed a minor advance. However, a lot of important reports will be unveiled later today. Thus, the situation may change.
If the dollar/franc pair continues gaining in value, it is likely to face a very strong resistance level of 0.8920. Moreover, the 50-day moving average is also located at this level. It makes the resistance level even stronger. If the pair closes this day above 0.8921, it could go on rising. In case of a false break of 0.8924 and a formation of a bearish model of the candle analysis, the quote may slide below the middle dotted line of the channel. After that, it may try to break the blue Kijun line.
As far as trading ideas are concerned, both buy and sell positions could be profitable. It is recommended to open buy positions after a short-term decline to 0.8880 and a formation of candle signals on the four-hour chart. The same signals for sell positions could appear in the area between 0.8895-0.8925. However, targets should not be big. Tomorrow, the US Fed will announce its key rate decision. Moreover, Fed Chairman Jerome Powell will provide a speech.
Good luck!
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