The USDCHF currency pair has broken out above the key 0.9101 resistance level in recent trading sessions. This bullish breakout has opened the door for a potential continuation of the pair’s upside move.
Further Gains Likely After Consolidation
While some near-term consolidation may unfold following the breakout above 0.9101, further upside follow-through in the USDCHF appears likely. The next key target for the pair is located in the 0.9150 area.If buyers can push the USDCHF above the 0.9150 barrier, it would further strengthen the technical outlook and open the door for an extended upside move.
Key Support at 0.9060
While the technical bias has shifted to a bullish outlook, traders will want to keep a close eye on the 0.9060 area as initial support. A breakdown below this level could see the USDCHF retrace back toward the 0.8997 support zone.If the 0.8997 support gives way, it would likely signal a more substantial pullback is underway, with the next key downside target in the 0.8890 region.
Levels to Watch
For now, the key levels to watch in the USDCHF are the 0.9150 upside target, along with the 0.9060, 0.8997, and 0.8890 support areas.
As long as the pair remains above 0.9060 support, the near-term technical bias will remain tilted to the upside, with the potential for a continuation move toward the 0.9150 target after the current consolidation period.
However, a breakdown below 0.9060 and 0.8997 would likely signal a bearish reversal, with the potential for a deeper pullback toward the 0.8890 support.
The USDCHF has shifted to a more bullish technical outlook after the recent breakout above the 0.9101 resistance. While further gains appear likely, traders will want to closely monitor the key support levels for potential signs that the upside momentum could be stalling.