USD/CHF Price Analysis: Struggles at the confluence of 0.8800 and 50-DMA, retraces to 0.8780s
|- USD/CHF grapples with the 50-DMA at 0.8808, marking a decline of 0.38% for the day.
- A sustained upward trend could see buyers target the June 16 resistance at 0.8901, with sights set on the 0.9000 milestone.
- A daily close below 0.8800 could send the pair diving toward 2014 low of 0.8699 and potentially the YTD low of 0.8552.
USD/CHF clashes with the 50-day Moving Average (DMA) at 0.8808 and retraces, and prints a daily low of 0.8785 amid a choppy trading session as investors brace for the Jackson Hole Symposium, where the US Federal Reserve (Fed) Chair Jerome Powell remarks, are awaited. The USD/CHF is trading at 0.8788, down 0.38%.
USD/CHF Price Analysis: Technical outlook
The pair remains trending steadily to the upside, but the 50-DMA and its confluence with the 0.8800 figure, exacerbated a dip toward the 0.8780s region. If USD/CHF price action continues to register successive series of higher highs and lows, USD/CHF buyers could reclaim the 50-DMA in the near term and target the June 16 daily low turned resistance at 0.8901. A decisive break would expose the 0.9000 figure.
Conversely, if USD/CHF extends its losses and achieves a daily close below 0.8800, the USD/CHF would dive towards the 2014 swing low of 0.8699, followed by the year-to-date (YTD) low of 0.8552.
USD/CHF Price Action – Daily chart
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