02.04.202013:12 Forex Analysis & Reviews: Technical analysis of USD/CHF for April 02, 2020

Overview:

The USD/CHF pair reached the lowest price at the 0.9182. But it rebounded from the point of 0.9182 towards the 0.9505. It dropped from the top of 0.9860 to reach 0.9505 again today. Today, the USD/CHF pair continues to move downwards from the level of 0.9505. Today, the first resistance level is seen at 0.9595 followed by 0.9700, while daily support 1 is found at 0.9340. Also, the level of 0.9340 represents a weekly pivot point for that it is acting as major support this week. The Relative Strength Index (RSI) crossed above 30 highlighting the end of downtrend momentum and a possible start of uptrend move.

Amid the previous events, the pair is still in a downtrend, because the USD/CHF pair is trading in a bearish trend from the new resistance line of 0.9596 towards the first support level at 0.9340 in order to test it. If the pair succeeds to pass through the level of 0.9441, the market will indicate a bearish opportunity below the level of 0.9441. Consequently, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 0.9441 with the first target at 0.9340. Then, the pair is likely to begin an descending movement to 0.9282 mark. The level of 0.9282 will act as strong support in coming hours. However, if a breakout happens at the resistance level of 0.9596, then this scenario may be invalidated.