Technical Update - USDCHF bouncing from key support. EURCHF eyeing par Technical Update - USDCHF bouncing from key support. EURCHF eyeing par Technical Update - USDCHF bouncing from key support. EURCHF eyeing par

Technical Update - USDCHF bouncing from key support. EURCHF eyeing par

Forex 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

  • USDCHF bounced from key strong support at 0.90 once again and is likely to resume uptrend
  • EURCHF breaking resistance at 0.9840 and is now eyeing par

USDCHF has for a third time tested and rebounded from the key support at around 0.90.

The strength indicator RSI bounced from the 40 threshold, meaning it is still showing positive sentiment, suggesting that USDCHF is likely to bounce further.
Despite showing RSI divergence, USDCHF could resume the uptrend.

That scenario is likely to play out if RSI closes back above the 60 threshold and USDCHF closes back above its rising trendline. If those two instances occur, USDCHF is likely to test and quite possibly break above the previous peak at around 0.9225.

Conversely, if USDCHF slides back and closes below 0.90, the cross is likely to be hit by a sell-off down to at least the strong support and 0.382 retracement at 0.8880. Rising 100 and 200 daily moving averages will add to the support at that level.

Source all charts and data: Saxo Group

EURCHF has broken above strong resistance at around 0.9840 and now seems destined to move higher towards the 0.786 retracement of the entire downtrend in 2023 at 0.9917 - see weekly chart.

Daily RSI broke above its upper falling trendline and back above the 60 threshold, supporting the bullish outlook for EURCHF despite also indicating divergence.

However, the 0.9917 level is not a strong resistance, and EURCHF could soon be testing par, i.e. 1.00 – dashed blue line on the weekly chart. Adding to the bullish picture, the 1.382 projection of the April volatile correction is at 0.9957 and the 1.618 projection at 1.0024, close to the strong resistance area 1.005-1.010.

To demolish this bullish trend, a daily close below 0.9760 is required. The first indication of this scenario playing out would be EURCHF breaking below its short-term rising trendline (daily chart).


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo is a registered Trading Name of Saxo Capital Markets UK Ltd (‘Saxo’). Saxo is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

©   since 1992