MarketDeal24.Com – The Swiss franc, known as a safe haven, rose slightly against the US dollar on Wednesday. The four-hour price has come down to 0.91 without challenging the trend line resistance starting from the highest 0.9295 and the November opening level 0.9161, below which is the support area 0.9075-0.9088. If the bearish condition is created below 0.9075-0.9088 today, the price will target September opening level 0.9038.
Last week, buyers recovered strongly from the support level of 0.9014, which is in line with the ABCD support of 0.9051 (black arrows).
If the price continues to rise, the price will target resistance 0.9255. 0.9255 is the next upward target if buyers can take over the market, with a 38.2% Fibonacci retracement ratio of 0.9388. It should be kept in mind that the market has been declining since April 2019.
In the daily time frame, the price is currently below resistance 0.9187. The downward target is Quasimodo support 0.9009. There is also a trend line resistance starting from a maximum of 0.9901, which is again in line with the weekly resistance of 0.9255.