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USDCHF turns up from 0.8010 support toward 0.8140

The move is framed around a daily uptrend, with the 0.8010 zone reinforced by a trendline from the start of the year and a 50% Fibonacci correction.

Reported · Written up by our desk · Major Pairs

USDCHF has reversed from a support zone between 0.8010 and the lower daily Bollinger Band, according to Action Forex. ActionForex.com describes 0.8010 as a pivotal level that was previously strong resistance in March, and says the zone is strengthened by the support trendline of the daily up channel formed since the start of this year.

The analysis points to the pair rising further to the next resistance level at 0.8140, citing the presence of a clear daily uptrend.

Action Forex also notes that the current setup follows an earlier upward impulse from May, where a 50% Fibonacci correction is part of the support area.

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