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27.09.202109:22 Forex Analysis & Reviews: USD/CHF technical analysis for September 27, 2021

As already noted in today's previous articles, the US dollar dominated the trading on September 20-24. However, the "American" could not show its superiority in relation to the Swiss franc and the Canadian dollar. I would venture to assume that this situation was due to a technical component. Today's article will be devoted to the technical analysis of the dollar/franc currency pair.

Weekly

So, despite the "hawkish" rhetoric of the US Federal Reserve System (FRS), which came from the lips of Fed Chairman Jerome Powell, the US dollar could not continue its growth against the Swiss franc, which was shown the week before last. The pair failed to get out of the weekly Ichimoku indicator cloud and ended trading on September 20-24 within its limits. It is also necessary to pay attention that after one bullish candle closed above the black 89 exponential moving average, the pair returned to this moving. Thus, at the moment, the breakdown of the 89 EMA has to be recognized as false. Last week ended for the USD/CHF pair at the level of 0.9238, but if the downward dynamics continue, the decline will continue to the price zone of 0.9200-0.9175, where the blue Kijun line and the red Tenkan line of the Ichimoku indicator are located.

It is quite possible that after a decline in the designated area, the pair will find strong support here and turn back in the north direction. At least from a technical point of view, such a course of events has a high probability of being implemented. The bulls have completely different tasks for this instrument. Players for an increase in the exchange rate need to bring the price up from the Ichimoku indicator cloud, after which they break through the strong resistance of sellers near 0.9330. Please note that this level has not allowed the pair to go higher for two weeks in a row. If we summarize the review of the weekly chart, then only the true exit from the Ichimoku cloud in one of the parties will determine the subsequent price direction of this instrument, and it is quite possible in the medium term. Let's see what kind of picture is observed at a smaller time interval.

Daily

This chart clearly shows a rebound down from the resistance level of 0.9332, as well as the strong support provided to the quote by the blue Kijun line of the Ichimoku indicator. Of course, this line is a problem for players on the downgrade, and they need a true breakdown of it at all costs. If this happens, then Kijun can already act as an equally powerful resistance. If we identify the goals of the likely decline, then this is a cluster of moving averages in the area of 0.9165-0.9150. By the way, this is a fairly strong technical zone in itself, and the presence of moving averages here only strengthens it. If the market chooses a route in the north direction, the nearest targets will be 0.9270, 0.9300, and 0.9333. Given the far from the unambiguous technical picture for USD/CHF, I will probably refrain from specific trading recommendations today. The goals are marked at the top and bottom.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ivan Aleksandrov,
Analytical expert of InstaSpot
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