USDCHF is coming higher this year, after breaking some important trendline connected from 2022 highs on a daily chart, where a breakout would lead to higher prices within big triangle range.
Looking at the 4-hour chart, it looks like pair is in a higher degree corrective setback after a completed five-wave rally and broken trendline. We are tracking an A-B-C corrective decline, where wave C is already testing first 0.8900 support zone so there can be some price stabilization in the near-term. But for bullish resumption, we need sharp turn back above 0.9 level, and move out of a channel. In case of deeper and more extended C wave, the next support would be around 0.87 – 0.86 area. In either case, we think that CHF weakness will still show up this year, maybe not only vs USD, but also vs some other currencies.
