The USDCHF started the week with an upward move, peaking on Wednesday, before reversing lower through Wednesday and Thursday. Friday’s price action has been choppy, with no clear directional momentum.
From a technical perspective, the key takeaway is that the weekly lows have consistently found support buyers within the 0.8965 – 0.8975 swing area. This zone has historical significance:
- It acted as resistance on December 17,
- Turned into support before breaking higher on December 23,
- Was retested as support after the January 13 peak at 0.9196,
- Once again held support on January 27 before another upside move that stalled at the January 13 high on February 3.
Since then, price action has been choppy, with repeated tests of the 0.8965 – 0.8975 area. Notably, both last week and this week, buyers have defended this zone, reinforcing its role as a key barometer for market sentiment.
- A break below 0.8965 – 0.8975 would signal a bearish breakout, opening the door for further downside.
- If support holds, traders will look toward a higher swing area between 0.8997 and 0.9011. A move above and sustained buying in that zone would provide buyers with confidence that a bottom is in place, increasing the potential for further upside.
With USDCHF testing key support into the weekend, how the market reacts here will likely dictate the next directional move.
USDDCHF technicals
