USD/CHF Forecast Today 10/10: Breaks Resistance (Chart)
Date
10/10/2024 2:35:00 PM
(MENAFN- Daily Forex)
During my daily analysis of the USD/CHF pair, the first thing I notice is the 0.86 CHF level, which is crucial as we have seen it offer resistance multiple times. With that being said, the market is likely to continue to see a lot of volatility and questions as to this area, but this is an area that I've been watching for a while so obviously, I am paying close attention now.
-p src= data-src="" alt="USD/CHF Forecast Today 10/10: Breaks Resistance (graph)" title="USD/CHF Forecast Today 10/10: Breaks Resistance (graph)" class="img-responsive center LazyLoading" lazy=loading>Technical Analysis
The 0.86 level continues to be important, and I look at that as a gateway to much higher pricing. Furthermore, we are breaking above the 50 Day EMA during the trading session, and it does suggest that we are starting to see a little bit of upward momentum. If we were to break above the 0.86 level, it could open up a move to the 0.8720 level. That's an area that was a recent swing high, so I think a certain amount of market memory could come into the picture, and therefore it could offer a target, but it can also offer quite a bit of resistance.
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On the downside, the 0.8550 level is an area that has offered support multiple times, as it had been in previously resistive. In general, I think this is a scenario where the market has been trying to find its flooring, and I think at this point it looks like the 0.84 level is a very real possibility of being that. This is not to say that the market will simply take off to the upside, but I do think that you have a real possibility of a market that may have just found its floor in the intermediate term, possibly even the longer term.
All things being equal, I like the idea of buying short-term dips, as it offers value and the US dollar. Keep in mind that the Swiss franc is considered to be a massive“safety currency”, even more so than the greenback. Because of this, the pair is ever so slightly“risk on” if it goes higher.
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