In today’s chart breakdown, USDCHF is consolidating around 0.8040 after successfully breaking above its multi-month descending trendline.
The breakout suggests early bullish momentum, but the pair still needs to overcome the 0.8080–0.8100 zone, a level that has repeatedly capped upside attempts since August.
On the daily chart, price action shows constructive signs, as USDCHF now trades above the trendline but remains below both its 50-day and 200-day moving averages, signaling lingering bearish pressure.
A sustained close above 0.8080 could target 0.8230, while failure to hold current levels risks another slide back to 0.8000 or 0.7870.
From the weekly perspective, USDCHF remains stuck within a broader downtrend but is showing early signs of base-building. The pair’s long-term support around 0.7870–0.7710 remains critical, while upside confirmation only comes with a breakout above 0.8240–0.8400.
Key Levels:
Resistance: 0.8080, 0.8230, 0.8400
Support: 0.8000, 0.7870, 0.7710
My Takeaway:
USDCHF is trying to flip structure bullish, but it’s not out of the woods yet. Holding above the broken trendline keeps the bias mildly positive, as long as buyers defend the 0.8000 handle.