USD/CHF Price Analysis: 50-DMA challenges bulls around 0.9750

USD/CHF remains on the front foot at the highest levels in three weeks.
Firmer RSI, sustained break of 20-DMA suggests further upside momentum towards two-month-old horizontal resistance.
Bears need to stay cautious unless breaking 100-DMA.

Anil Panchal FXStreet

USD/CHF stays firmer for the sixth consecutive day, taking rounds to 0.9740-45 during early Friday morning in Europe. In doing so, the Swiss currency (CHF) pair remains near the highest levels since mid-June while poking the 50-DMA for the third day in a row.

Although the quote failed to cross the key DMA hurdle two times during the week, the bulls are likely to win the latest battle as the quote remains firmer past 20-DMA and the RSI (14) also grinds higher.

Following that, the USD/CHF prices could rally to the early May swing high near 0.9800 before challenging the two-month-old horizontal resistance, near 0.9870.

It should be noted, however, that the pair’s run-up beyond 0.9870 enables the buyers to challenge the yearly top marked in May at around 1.0065. During the rise, the 1.0000 psychological magnet could probe the bulls.

Meanwhile, pullback moves remain elusive until staying beyond the 20-DMA level of 0.9688.

Should the USD/CHF bears manage to conquer the 20-DMA support, a downward trajectory towards the 100-DMA support of 0.9545 can’t be ruled out. Also challenging the pair’s downside is June’s low around 0.9495.

USD/CHF: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9745
Today Daily Change	0.0010
Today Daily Change %	0.10%
Today daily open	0.9735

Trends
Daily SMA20	0.9695
Daily SMA50	0.9739
Daily SMA100	0.954
Daily SMA200	0.9377

Levels
Previous Daily High	0.9749
Previous Daily Low	0.9682
Previous Weekly High	0.9642
Previous Weekly Low	0.9495
Previous Monthly High	1.005
Previous Monthly Low	0.9495
Daily Fibonacci 38.2%	0.9723
Daily Fibonacci 61.8%	0.9707
Daily Pivot Point S1	0.9695
Daily Pivot Point S2	0.9655
Daily Pivot Point S3	0.9628
Daily Pivot Point R1	0.9762
Daily Pivot Point R2	0.9789
Daily Pivot Point R3	0.9829

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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