USDCHF Technical Analysis: Preparing for its first bullish correction wave |10th June 2017
First Critical Resistance: 0.9810
Second Critical Resistance: 0.9890
First Critical Support: 0.9616
Second Critical Support: 0.9540
Overall Sentiment: Bullish Δ
There has been a massive decline in the USDCHF pair after the U.S dollar index fell from its 14-year record high in the global market. After hitting the top at 1.03420 the pair is now forming its initial bottom near the critical support level at 0.9620.In the daily chart, we have a bullish harami which clearly indicates the pair is now getting ready for its first bullish movement with an initial target of 0.9810.A daily closing above that level will lead this pair towards the next critical resistance level at 0.09890.
USDCHF daily technical analysis
The pair is most likely to continue its fresh bullish momentum in the global market from the very beginning of the next week. We will be looking to execute our long orders by taking the bullish price action confirmation signal in the 4-hour time frame. The upcoming week is going to play a major role for the investors as U.S is most likely to hike their interest rate in the FOMC meeting minute. Moreover, we have plenty of high impact news release for the Swiss Franc.