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Today, on the last day of weekly and monthly trading, I would like to consider another major currency pair: the USD/CHF pair. I have repeatedly noted that, in my opinion, this pair is quite interesting and technical, but often remains without proper attention. Well, let's analyze the situation that is developing for USD/CHF and for the sake of completeness, let's start with the weekly timeframe.
Weekly
The pair met strong resistance in the form of the Tenkan line of the Ichimoku indicator over the past two week which they could not overcome. At the current five-day trading session, the USD/CHF bulls found the strength to test the level again for a breakdown of the red Tenkan line and are succeeding so far. At the time of writing, the pair is trading above the Tenkan, near 0.9158. As you can see, very strong support was received in the price zone of 0.9030-0.9000 and this is not accidental. Market participants are well aware of the strength and significance of the psychological mark of 0.9000 and so far they are clearly not eager to trade under this important level. The piquancy of the situation also lies in the fact that, due to certain circumstances, both the Swiss Franc and the US Dollar act as safe-haven currencies. As you know, the rampant COVID-19 pandemic gives privileges to the Dollar to a greater extent.
If we return to the technical picture on the weekly chart, the current task of the bulls is to pass not only the Tenkan line but also to break through the sellers' resistance at 0.9164, where the maximum values of the last five-day trading period were shown. If these conditions are met, the USD/CHF pair will have good prospects for continuing the upward movement where the nearest resistance of sellers is concentrated near 0.9200. However, in my opinion, the most important thing will be to pass up the 0.9300 mark. It is clear that if this happens, it will not happen today. For now, the bulls are focused on current tasks. It is worth noting that the course of today's weekly and monthly trading on the pair may be influenced by statistics from the United States, which will begin to arrive at 12:30 UTC. Despite the fact that for this currency pair, I mostly adhere to bearish sentiments, the current situation is quite favorable for the bulls.
Daily
On the daily chart, we see that as a result of yesterday's fairly strong growth, trading ended within the Ichimoku cloud. At the same time, one candle closed in the cloud may not be enough to consider its position as final. Much will depend on the outcome of today.
At the time of writing, the USD/CHF pair is showing moderate strengthening. It is characteristic that before this, the bears on the instrument tried to return the price to the lower border of the cloud but at 0.9137, the pair found strong support and began to recover actively. At the end of the review, there are attempts to break through the blue Kijun line of the Ichimoku indicator, after which the bulls will have to storm the sellers' resistance at 0.9170, where the maximum values of yesterday's trading were shown.
Despite the high probability of upward dynamics, buying right here and now, on the breakout of resistance, is unwise and quite risky. However, for those who use a breakout strategy, you can try buying at the breakout level of 0.9170. Another option is to wait for the actual breakdown of this mark and buy on the rollback to it.
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