- USD/CHF extends its weekly gains, up to 1%, and erases last week’s losses.
- The USD/CHF aims higher and could test the 20-day EMA; otherwise, a pullback could extend towards 0.9400.
The USD/CHF climbs for the second straight day, widening the gap between the 200-day EMA and the exchange rate, courtesy of broad US dollar strength, underpinned by high US T-bond yields in the mid-North American session. At the time of writing, the USD/CHF is trading at 0.9501, up by 0.55% on the day.
USD/CHF Price Analysis: Technical outlook
The USD/CHF is about to test the top-trendline of a descending channel. It’s worth noting that albeit a successive series of lower highs/lows confirm the pair is in a downtrend, sellers’ failure to capture the 200-day EMA at 0.9431 exposed the pair to buying pressure. Therefore, the USD/CHF edged higher, from around multi-month lows below 0.9400, towards current price levels.
If USD/CHF buyers want to reclaim control, they would need a break above the top trendline of the channel, which also intersects with the 20-day EMA at 0.9549. Once cleared, that would pave the way towards the 100-day EMA at 0.9631, followed by the 50-day EMA at 0.9651.
On the other hand, if the major tumbles and closes below 0.9500, that could pave the way for further losses. Hence, the USD/CHF first support would be the August 16 low at 0.8445, followed by the 200-day EMA at 0.9431 and the monthly low at 0.9370.
USD/CHF Key Technical Levels
|Today last price||0.95|
|Today Daily Change||0.0035|
|Today Daily Change %||0.37|
|Today daily open||0.9465|
|Previous Daily High||0.9471|
|Previous Daily Low||0.9409|
|Previous Weekly High||0.9635|
|Previous Weekly Low||0.9371|
|Previous Monthly High||0.9886|
|Previous Monthly Low||0.9502|
|Daily Fibonacci 38.2%||0.9448|
|Daily Fibonacci 61.8%||0.9433|
|Daily Pivot Point S1||0.9425|
|Daily Pivot Point S2||0.9386|
|Daily Pivot Point S3||0.9363|
|Daily Pivot Point R1||0.9488|
|Daily Pivot Point R2||0.9511|
|Daily Pivot Point R3||0.955|
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