USD/CHF technical analysis: Clings to 23.6% Fibo, eyes on Swiss ZEW and Fed
|- USD/CHF stays above 21-day EMA amid bullish MACD.
- A daily closing beyond the monthly trendline will trigger fresh upside.
Given the monthly falling resistance line and 21-day EMA confusing USD/CHF traders on a key day, the quote seesaws near 0.9940 during pre-European session on Wednesday.
Adding to the odds of pair’s run-up are bullish signals from the 12-bar Moving Average Convergence and Divergence (MACD) indicator. However, buyers need a sustained break above a descending trend line since October 03, at 0.9960, to take aim at 1.000 round-figure.
Meanwhile, pair’s declines below 21-day Exponential Moving Average (EMA) highlights the importance of 38.2% and 50% Fibonacci retracement levels of August-October upside, at 0.9885 and 0.9845 respectively.
Other than technical catalysts, traders will also be on the lookout for Swiss ZEW Expectations for October, forecast -6.8 versus -15.4, while the United States (US) Federal Reserve’s interest rate decision will also be the key to follow.
USD/CHF daily chart
Trend: sideways
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