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USD/CHF Technical Analysis: Falling wedge breakout confirmed, but key hurdle is yet to be scaled

  • The USD/CHF closed at 0.9978 on Friday, confirming a falling wedge breakout -  a bullish pattern - which indicates that the pullback from the recent high of 1.01285 has ended and the bulls have likely regained control.
  • While a bear-to-bull trend change is confirmed, the horizontal hurdle of 1.0008 (Dec. 5 high) is still intact. Moreover, a break above that would violate the bearish lower-high setup and open up upside toward the recent high of 1.01285.
  • A move below Friday's low of 0.9928 would weaken bullish pressures.

Daily Chart

Trend: Bullish

USD/CHF

Overview:
    Today Last Price: 0.9979
    Today Daily change: -1.0 pips
    Today Daily change %: -0.0100%
    Today Daily Open: 0.998
Trends:
    Previous Daily SMA20: 0.9953
    Previous Daily SMA50: 0.9977
    Previous Daily SMA100: 0.989
    Previous Daily SMA200: 0.9853
Levels:
    Previous Daily High: 0.9984
    Previous Daily Low: 0.9927
    Previous Weekly High: 0.9984
    Previous Weekly Low: 0.9862
    Previous Monthly High: 1.0129
    Previous Monthly Low: 0.9908
    Previous Daily Fibonacci 38.2%: 0.9962
    Previous Daily Fibonacci 61.8%: 0.9949
    Previous Daily Pivot Point S1: 0.9943
    Previous Daily Pivot Point S2: 0.9906
    Previous Daily Pivot Point S3: 0.9886
    Previous Daily Pivot Point R1: 1
    Previous Daily Pivot Point R2: 1.002
    Previous Daily Pivot Point R3: 1.0057

 

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