Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
1 Feb 2021

USD/CHF Price Analysis: Bulls remain in control near two-month tops, above mid-0.8900s

  • USD/CHF confirmed a near-term bullish breakout through head and shoulders neckline resistance.
  • The near-term technical set-up favours bullish traders and supports prospects for additional gains.
  • The emergence of some dip-buying should help limit the downside near the 0.8900-0.8890 area.

The USD/CHF pair gained strong positive traction on the first day of a new week and jumped to two-month tops, around the 0.8965 region during the early European session.

A sustained move beyond a strong horizontal barrier, around the 0.8920 region, was seen as a key trigger for bullish traders. The mentioned barrier acted as a neckline resistance of an inverted head and shoulders chart pattern.

Technical indicators on the daily chart are holding comfortably in the bullish territory and are still far from being in the oversold zone. This, in turn, favours bullish traders and supports prospects for additional gains in the near-term.

Hence, a subsequent move beyond the key 0.9000 psychological mark, en-route the 0.9040-50 resistance, now looks a distinct possibility. Some follow-through buying has the potential to push the USD/CHF pair further towards the 0.9075 barrier.

On the flip side, the neckline resistance breakpoint, which coincides with 50-day SMA, now seems to protect the immediate downside. Any further decline might be seen as a buying opportunity and remain limited near the 0.8890 horizontal level.

This is followed by support near the 0.8830 region, which if broken decisively will negate any near-term positive outlook and prompt some aggressive technical selling. The USD/CHF pair might the turn vulnerable to slide back below the 0.8800 mark.

USD/CHF daily chart

fxsoriginal

Technical levels to watch

 

Feb 1, 2021

When is the US ISM Manufacturing PMI and how could it affect EUR/USD?

The Institute of Supply Management (ISM) will release its latest manufacturing business survey result, also known as the ISM Manufacturing PMI at 15:0
Read more Previous
Feb 1, 2021

AUD/USD trades with modest losses below 0.7630 as focus shifts to US PMI data

The AUD/USD pair edged higher in the early trading hours of the European session and touched a daily top of 0.7663 before losing its bullish momentum.
Read more Next