USD/CHF Price Forecast: Double top threatens 0.8220 support
The USD/CHF pair struggles at 0.8250 on Thursday, diving below the 0.8300 figure as a ‘double top’ chart pattern looms on the daily chart, even though the overall trend is up. At the time of writing, the pair trades at 0.8269, down almost 1%.
On Thursday, the USD/CHF currency pair found itself struggling around the 0.8250 mark, slipping below the 0.8300 level amid a growing 'double top' pattern on the daily chart. Despite the overall uptrend, the pair slipped almost 1% in value. The uptrend's structure of higher highs and higher lows has held so far, but USD/CHF failed to surpass the 0.8400 level on Wednesday, adding to its decline beneath the 0.8300 figure.
Market momentum appears to be shifting towards the sellers, indicated by the Relative Strength Index (RSI), which is trending lower and may turn bearish. However, should buyers propel USD/CHF above the 0.8300 psychological level, it could set the stage for a challenge to the 0.8350 level before reaching the yearly high of 0.8395. Should these levels be breached, it would open the door for a push towards the 0.8400 mark.
Conversely, if USD/CHF continues its descent below the October 2 low of 0.8227, it would validate the 'double top' pattern and pave the way for a move towards the 50-day Simple Moving Average (SMA) at 0.8189. The next support would then be the 100-day SMA at 0.8116.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
