The USD/CHF currency pair experienced a sharp upward move yesterday following the FOMC rate decision. The price climbed above the key resistance level of 0.9000, reaching a high of 0.90213 before retreating today. The decline extended toward the November high of 0.89569, where buyers provided some support. Stronger support lies in the 0.8914 to 0.8923 range, a swing area dating back to July. Currently, the pair is trading at 0.8972, positioned between support at 0.89569 and resistance at 0.9000.

Looking ahead, key levels to monitor include the resistance at 0.9000. A breakout above this level could lead traders to target the intraday high at 0.90213, followed by the early July highs between 0.90449 and 0.90565. On the downside, a break below 0.8914 could push the pair toward 0.8900, with further support in the swing area between 0.8880 and 0.8894. Below this zone, the rising 100-bar moving average on the four-hour chart at 0.88615 may provide additional support.

USD/CHF Technical Analysis

• Previous Movement: The pair surged sharply higher yesterday following the FOMC rate decision, breaking above the key psychological level of 0.9000 and reaching a high of 0.90213 before reversing today.

• Current Price: Trading at 0.8972, positioned between key support and resistance levels.

• Support Levels:

  • 0.89569: November high, offering close support.
  • 0.8914 - 0.8923: Swing area dating back to July, providing stronger support.
  • 0.88615: Rising 100-bar moving average on the 4-hour chart.

• Resistance Levels:

  • 0.9000: Key psychological resistance level.
  • 0.90213: Intraday high from the previous session.
  • 0.90449 - 0.90565: Highs from early July.

• Outlook:

  • Bullish Scenario: A breakout above 0.9000 could open the door to retest the 0.90213 high, with further upside potential toward 0.90449 - 0.90565.
  • Bearish Scenario: A break below 0.8914 could drive the pair lower toward 0.8900, with additional support in the 0.8880 - 0.8894 swing area and the 0.88615 moving average.

• Key Levels to Watch:

  • Upside: 0.9000, 0.90213, 0.90449 - 0.90565
  • Downside: 0.89569, 0.8914 - 0.8923, 0.88615