USD/CHF Bulls Eye 0.8200 as Dollar Strength Continues
The US dollar (USD) has been showing signs of strength, particularly after the Federal Reserve's rate hike on September 9. This development has led to higher US yields, which in turn supports the USD. In a recent webinar, FXStreet analysts discussed the bullish outlook for the USD and identified several currency pairs that could offer opportunities for long positions.
The analysts focused specifically on the USD/CHF pair and highlighted the area around 0.8200 as a key level of support. This area had previously been broken on August 5, but then pulled back in three waves to retest it. From a technical perspective, this can be seen as previous resistance turning into support.
However, when combining this level with the Elliott Wave structure, the picture becomes even more interesting. The recovery from the lows is impulsive, while the pullback into 0.8200 was corrective, suggesting that the broader bullish trend could resume. This setup provided a clear opportunity for bulls to take advantage of.
Analysts used yellow boxes in their analysis to highlight key reversal zones and identify potential opportunities based on the Elliott Wave structure. While not every analysis will produce a trading opportunity, some wave patterns are clearer than others, making it essential to highlight setups with strong technical potential.