USD/CHF climbs back toward weekly highs near 0.9170 after short-lived correction


  • US dollar holds onto weekly gains across the board.
  • USD/CHF posts best weekly results in a month, still sideways.

The USD/CHF resumed the upside during the American session and climbed toward the 0.9170 area. It continues to hold a bullish tone following a short-lived retreat that found support around 0.9130. The US dollar is posting a weekly gain of more than a hundred pips.

The greenback is about to end the week higher across the board and with a positive tone, supported by risk aversion and also by higher US yields.

The Swiss franc failed to benefit versus the greenback despite the decline in equity prices and ahead of US elections, but it rose versus the euro. The common currency weakened following the European Central Bank meeting that also contributes to the bullish pressure in USD/CHF.

From a technical perspective, the recent rally in USD/CHF points to more gains, but on a wider view, it continues to move sideways supported by the 0.9000 area and with resistance initially below 0.9200 and then 0.9300. Also, the 20-week moving average at 0.9210 could be seen as a relevant technical level.

Technical indicators are starting to favor the US dollar. Next week, it will be critical to see if the pair manages to break and hold above 0.9170 that would point to more gains or if it fails again, suggesting another visit to 0.9040 and 0.9000.

Levels to watch

USD/CHF

Overview
Today last price 0.9161
Today Daily Change 0.0012
Today Daily Change % 0.13
Today daily open 0.9149
 
Trends
Daily SMA20 0.912
Daily SMA50 0.913
Daily SMA100 0.9222
Daily SMA200 0.9448
 
Levels
Previous Daily High 0.9173
Previous Daily Low 0.9089
Previous Weekly High 0.9166
Previous Weekly Low 0.9031
Previous Monthly High 0.9296
Previous Monthly Low 0.8999
Daily Fibonacci 38.2% 0.9141
Daily Fibonacci 61.8% 0.9121
Daily Pivot Point S1 0.9101
Daily Pivot Point S2 0.9053
Daily Pivot Point S3 0.9018
Daily Pivot Point R1 0.9185
Daily Pivot Point R2 0.9221
Daily Pivot Point R3 0.9269

 

 

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