USD/CHF Price Analysis: Breach of 0.9420/30 support would activate an H&S pattern
- USD/CHF finds support at 0.9430 but remains heavy at the mid-range of 0.9400.
- Below 0.9420 the pair would activate an H&S pattern aiming towards 0.9375 and 0.9325.
US dollar’s reversal from Tuesday’s high at 0.9530 has found support at 0.9420 on Thursday although the pair remains heavy on the short-term, capped below 0.9460 area. The 4-hour charts show the USD/CHF moving near the neckline of a head and shoulders pattern that would be activated below June 23 lows, at 0.9420.
Below the mentioned 0.9420/30 (Jun. 23 low, intra-day low) next potential support would be 0.9375 (Jun. 11 low) and then 0.9325 (March 11 low).
On the upside, immediate resistance lies at 0.9495 (Jul. 1 low). Above here, the next potential resistance could be at 0.9530 (Jun. 30 low) and 0.9585 (Jun. 9 high).
USD/CHF 4-hour chart
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USD/CHF key levels to watch
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
