07.12.202112:18 Forex Analysis & Reviews: USD/CHF technical analysis for December 7, 2021

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Hi, dear traders!

First, let us have a look at the results of last week's trading.

Weekly

According to the weekly chart, USD/CHF ended the week on the downside. The pair encountered strong resistance at the red Tenkan-Sen line of the Ichimoku cloud, as well as the black 89-day EMA. The quote managed to break through the support level of 0.9216 and close within the Ichimoku cloud. While a bearish scenario could continue, USD/CHF has found strong support in the blue Kijun-Sen line and reversed - at the moment the pair has significant upward momentum. The situation could still change over the week.

The main goal for bulls is breaking above the resistance level of 0.9271 - only this would allow the pair to extend its upward move further, targetting the resistance near 0.9370. Bears would have to break below the blue Kijun-Sen line and the 50-day EMA at 0.9131 before testing the support level of 0.9084. The pair is likely to encounter strong support at 0.9017 and 0.8922 as well. At this moment, there is no clear trend, and both bulls and bears have room for improvement.

Daily

The pair's strong spikes and dips can be clearly seen at the daily chart. Market players are clearly stressed and tired of trading in different ranges and price zones. USD/CHF is due for a strong trend, but its trajectory is still unclear. The pair has been trading within the 0.9372-0.9156 range so far, and a true breakout from this channel would determine the quote's direction in the medium term. There are opportunities for opening both long and short positions at the moment. Aggressive traders could try taking a risk and open long positions at the current level or near 0.9220, provided that candlestick patterns signal an upside movement. Right now, selling seems less timely than buying, but traders could open short positions if sell signals appear in the strong price zone of 0.9250-0.9270 at daily and lower timeframes.

Good luck!

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