USD/CHF Price Analysis: 0.9130/35 confluence guards immediate upside

USD/CHF fails to extend bounces off 0.9072 beyond 0.9086.
21-day EMA, a three-week-old falling trend line question the buyers.
Bullish MACD challenges the bears, the monthly support line becomes the key.
Q2 Swiss GDP, expected -8.6% versus -2.6% prior will be crucial to watch.

Anil Panchal FXStreet

USD/CHF seesaws in a choppy range between 0.9071 and 0.9086, currently around 0.9080, amid the early Thursday’s trading. It should, however, be noted that the pair’s inability to slip past-0.9071 joins bullish MACD to keep buyers hopeful.

While the 0.9100 threshold and 0.9120 may entertain the short-term bulls, a confluence of 21-day EMA and a falling trend line August 03, around 0.9130/35, will be a tough nut to crack.

In a case where the USD/CHF prices manage to cross 0.9135, 0.9200 may offer an intermediate top before highlighting the monthly peak surrounding 0.9240.

On the flip side, the monthly bottom close to 0.9010 will please the sellers if they dominate past-0.9070. Though, a downward sloping trend line from July 31, near 0.8980, could tame further weakness.

Fundamentally, anticipated deterioration in the second-quarter (Q2) GDP for Switzerland could favor the short-term bulls.

USD/CHF daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9081
Today Daily Change	-2 pips
Today Daily Change %	-0.02%
Today daily open	0.9083

Trends
Daily SMA20	0.911
Daily SMA50	0.9281
Daily SMA100	0.9467
Daily SMA200	0.9601

Levels
Previous Daily High	0.9121
Previous Daily Low	0.9072
Previous Weekly High	0.9162
Previous Weekly Low	0.901
Previous Monthly High	0.9494
Previous Monthly Low	0.9056
Daily Fibonacci 38.2%	0.9102
Daily Fibonacci 61.8%	0.9091
Daily Pivot Point S1	0.9063
Daily Pivot Point S2	0.9044
Daily Pivot Point S3	0.9015
Daily Pivot Point R1	0.9112
Daily Pivot Point R2	0.914
Daily Pivot Point R3	0.916

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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