USD/CHF Price Analysis: Battles 21-DMA within a falling channel ahead of NFP

USD/CHF looks to test the falling channel hurdle once again.
The spot clings to 21-DMA with bearish RSI.
All eyes on the US NFP for the next direction.

Dhwani Mehta FXStreet

USD/CHF pares gains to trade just above the 0.9100 level, having hit a daily high of 0.9117 earlier this Friday.

The upbeat market mood on the European markets dampened the haven demand for the Swiss franc, driving the major back on the 0.91 barrier. Meanwhile, the US dollar holds steady across its main rivals, awaiting fresh cues from the critical US non-farm payrolls data.

USD/CHF: Technical outlook

The price continues to range in a one-and-half month-long falling channel, testing the upside hurdle for the third straight day today.

As we write, the major battles the 21-DMA at 0.9097, having failed to deliver a daily closing above the latter.

The bulls need to take out the said barrier at 0.9137 for the pattern breakout, which could trigger a fresh rally towards the next resistance aligned at 0.9224, the bearish 50-day Simple Moving Average (DMA).

An upside surprise to the NFP numbers could fuel a massive dollar rally, prompting the bullish break.

Meanwhile, the daily Relative Strength Index (RSI) currently trades flat just below the midline. A failure to defend the 21-DMA could revive the downside momentum, calling for a test of 0.9000.

USD/CHF: Daily chart

USD/CHF: Additional levels

USD/CHF

Overview
Today last price	0.9101
Today Daily Change	0.0008
Today Daily Change %	0.09
Today daily open	0.9094

Trends
Daily SMA20	0.9098
Daily SMA50	0.9232
Daily SMA100	0.9433
Daily SMA200	0.9574

Levels
Previous Daily High	0.9142
Previous Daily Low	0.9083
Previous Weekly High	0.9128
Previous Weekly Low	0.9024
Previous Monthly High	0.9242
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9106
Daily Fibonacci 61.8%	0.912
Daily Pivot Point S1	0.9071
Daily Pivot Point S2	0.9047
Daily Pivot Point S3	0.9011
Daily Pivot Point R1	0.913
Daily Pivot Point R2	0.9166
Daily Pivot Point R3	0.919

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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