The USDCHF pair has shown a positive trend recently, reaching a six-week high of 0.8609 after finding support near the 50-day SMA. The technical indicators suggest that there is potential for further bullish movement, with the RSI and MACD both pointing towards an upward trend. However, the stochastic oscillator indicates that there could be some stability in the near future.
If the pair continues its bullish momentum, it could face resistance at the 61.8% Fibonacci retracement level of 0.8672 and the August high of 0.8725. Further resistance levels include the descending trendline and the 50% Fibonacci mark of 0.8777. On the downside, the 78.6% Fibonacci level of 0.8522 and the 50-day SMA are expected to provide support. If these levels are breached, the price could drop to the 20-day SMA at 0.8398, with a potential further decline towards the nine-year low of 0.8330 and the 0.8313 barrier.
Overall, the short-term outlook for USDCHF remains bullish as long as it stays above the 0.8522 level. However, traders should keep an eye on key support and resistance levels for potential price movements.
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