USD/CHF Price Forecast: Bullish engulfing puts 0.8400 in play
The USD/CHF advances for the third straight day, registering modest gains of 0.09% on Tuesday, with the pair recovering some ground after hitting a monthly low of 0.8191 last Friday. The pair exchanges hands at 0.8282 with buyers eyeing the 0.8300 mark.
The USD/CHF currency pair has been on an upward trend for three consecutive days, gaining 0.09% on Tuesday. The pair has bounced back after hitting a monthly low of 0.8191 on Friday, trading at 0.8282 with buyers watching the 0.8300 mark. The upward trend is signaled by higher highs and higher lows, and a confirmed 'bullish engulfing' candle pattern last week.
Momentum turned bullish, as shown by the Relative Strength Index (RSI). This suggests that the path of least resistance for USD/CHF is an upward movement. The next target area is the 0.8300 level, followed by 0.8395 and 0.8400. A breach of these levels would expose higher highs such as the October 15 high of 0.8354, the October 14 swing high of 0.8395, and eventually the 0.8476 high from May 12, 2025.
Conversely, a bearish reversal would start at Monday's low of 0.8232, followed by the 50-day Simple Moving Average (SMA) of 0.8202 and the 0.8200 figure. Should the USD/CHF manage to surpass these levels, it could then move towards the 100-day SMA at 0.8143.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
