USD/CHF Technical Analysis: 1.0030 offers strong resistance on hourly chart

Successful break of 1.0005-10 region enables the USD/CHF pair to aim for 1.0060 and the 1.0125 during further advances.
In case, the bulls refrain to respect 1.0125 resistance, 61.8% Fibonacci expansion (FE) of its year-long trading pattern can lure them to 1.0300 round-figure.
If the overbought levels of 14-day relative strength index (RSI) trigger pullback, 1.0005 and 0.9960 could reappear on the chart.

Anil Panchal FXStreet

USD/CHF daily chart

Given the extended rise past 1.0010, 1.0030 and the 1.0080 are likely next levels to please buyers ahead of highlighting 1.0125 number to north.
On the downside break of 1.0005, 0.9980 and an upward slopping support-line, at 0.9955, could offer nearby supports.

USD/CHF 4-hour chart

In addition to resistance-line of a short-term “Rising Wedge” bearish technical formation, but 61.8% FE level of latest pullback also emphasizes 1.0030 resistance level.
With the clear upside beyond 1.0030, the pair can quickly rise to 1.0060.
Alternatively, 1.0010 acts as lower-line of the pattern and a break of which could fetch prices to 0.9960 and 0.9920 supports.

USD/CHF Hourly chart

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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