Chart of the day - USDCHF (06.04.2021)
USDCHF rallied around 8% at the beginning of 2021. However, upward move was halted at the end of March, when the pair reached an important resistance zone in the 0.9475 area.
Zone is marked with the 61.8% retracement of the 2020 downward move as well as the upper limit of the Overbalance structure. The pair launched a pullback from the area last week. USDCHF trades higher today but in case downward move is resumed, key support to watch can be found in the 0.9200 area – 38.2% retracement. The aforementioned 0.9475 area remains near-term resistance.