USD/CHF Price Forecast: Bullish piercing pattern surfaces, sights on 0.7900
The USD/CHF pair forms a ‘bullish piercing’ chart pattern on Monday, which confirms further upside, but it faces key resistance at the 50-day Simple Moving Average (SMA) at 0.7868. At the time of writing, the pair is trading with a 0.70% gain, around 0.7860.
USD/CHF Price Forecast: Technical Outlook
Price action suggests USD/CHF is consolidating below 0.7900, with buyers gathering momentum, as the pair cleared the 100-day SMA at 0.7834 and the Relative Strength Index (RSI) turned bullish.
On further strength, USD/CHF can test the 0.7900 mark. Once surpassed, the next stop would be 0.8000, ahead of the April 6 daily high of 0.8018. A breach of the latter will expose the March 31 swing high at 0.8042, followed by 0.8100.
Downwards, if USD/CHF drops below the 100-day SMA, it would expose the 0.7800 mark. Below this level, the next support would be the May 8 daily low of 0.7761, followed by the March 10 daily low of 0.7748. Underneath the next area of interest would be 0.7700.
USD/CHF Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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