Conclusion for today’s USDCHF technical analysis:
Price closing above ~0.99794 is bullish for USDCHF.
USDCHF analysis for today is presented on a Daily timeframe. The chart patterns plotted on the help to provide context for price action and also guidance for future price development, long or short.
A break below the lower boundary of the rising wedge that lasted over a year and 2 months did confirm the chart pattern whose implication is ideally bearish.
June 03, 2019 break outside the wedge has been followed ever since by a range bound movement in price action. A falling wedge chart pattern (ideally bullish) is also indicated on the chart to monitor price development.
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A break above the upper boundary of the wedge at ~0.99794 will confirm the bullish implication of the chart pattern.
Friday last week (October 25, 2019) saw the USDCHF close just under its 200 day moving average. Previous tests at the moving average have led to price eventually esolving to the downside. The current test would add to the bullish momentum in the USDCHF if the Daily candle closes above the 200 day.
Resistance as marked on the chart lies between 1.01218 and 1.00166 which sits just above the upper boundary of the falling wedge chart pattern. Conservative strategies for going long include buying the USDCHF upon price attempting a breakout above the upper boundary of the resistance zone (i.e. 1.01218).
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