During last week the currency pair mostly remained in volatile sideways and the attempt of recovery failed strongly at 0.9178. The fall after that took USDCHF to as low as 0.9067 or a bit lower than the previous low of March 9th. The currency pair closed for the week at 0.9080.
Please note that USDCHF has been continuously moving within the daily Ichimoku cloud since March 14th. It has been continuously finding resistance by the upper edge and support by the lower edge of the cloud since then. Any move below the current price will break the support of the lower edge of the cloud. Also please note that any recent attempt to break over 55-day EMA resistance has been failing.
Considering the above, for the next week our focus will be for some more downward moves if a break below 0.9070/0.9060 takes place. Such a move should take the currency pair first towards the psychological support of 0.9000 and below that towards 0.8930 or the low of February 24th.
In case support comes over 0.9060 and a break over first the recent 0.9178 and then 0.9217 takes place then our above mentioned outlook will change for further upward gains towards the previous high of 0.9335 and above that towards 0.9415/0.9420.
Further Readings:
1) USD/CHF forecast for the weekly outlook of the currency pair.
2) Daily USD/CHF analysis.
3) USD/JPY analysis.
By forexabode.com
