USD/CHF Price Analysis: Pullbacks from weekly highs, as a triple-top emerges in the H4
|- USD/CHF retraces from weekly highs and dives below the 0.9800 figure due to a risk-on impulse.
- A triple-top chart pattern in the 4-hour chart keeps the USD/CHF under some selling pressure, targeting a fall to 0.9660.
USD/CHF slides from weekly highs reached at around 0.9869 on Wednesday, despite risk appetite improving, which usually benefits riskier assets during the day. The USD/CHF is trading at 0.9783, below its opening price, by 0.51%.
USD/CHF Price Analysis: Technical outlook
The USD/CHF is pulling back after reaching a solid weekly high at around 0.9869, set during the overlap of the Asian/European session, courtesy of market sentiment shifting sour. Nevertheless, as the North American session progressed, investors’ mood improved, as seen by US equities trading in the green.
In the USD/CHF case, the Swiss Franc strength dragged prices lower, so far clearing on its way south the 0.9800 figure.
Short term, the USD/CHF four-hour chart, illustrates a formation of a triple-top chart pattern, and so far, the major is retreating from weekly high levels, approaching the “neckline” around the 0.9766 area. A decisive breach of the latter could send the major tumbling towards the triple-top measured target at 0.9660, but first, it will need to overcome some hurdles on its way south.
The USD/CHF first support would be the bottom-trend line of an ascending channel drawn since August 11, around 0.9720, followed by the 0.9700 figure, followed by the 100-EMA at 0.9680.
USD/CHF Key Technical Levels
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