USD/CHF Price Analysis: Bounces off resistance-turned-support towards 0.9600

USD/CHF extends the recovery from the lowest levels since late April, renews daily top of late.
Firmer RSI, U-turn from previous resistance favor bulls to challenge 200-HMA hurdle.
Multiple supports around 0.9500 adds to the downside filters.

Anil Panchal FXStreet

USD/CHF picks up bids to approach the intraday high near 0.9585 during the initial hour of the European session on Wednesday.

In doing so, the Swiss currency (CHF) pair extends the latest bounce off the resistance-turned-support line from July 14, towards the 200-HMA hurdle surrounding 0.9590.

It’s worth observing that the firmer RSI (14), not overbought, joins the pair’s successful rebound from the previous key resistance line to keep USD/CHF buyers hopeful of crossing the immediate resistance.

Following that, July 22 swing low near 0.9600 could test the pair bulls before directing them to the 0.9700 and the 61.8% Fibonacci retracement of July 14 to August 01 downside, around 0.9730.

Alternatively, pullback remains elusive until the quote stays beyond the resistance-turned-support line, around 0.9540 by the press time.

Following that, there are multiple swing lows marked during late July close to 0.9500 which could challenge the USD/CHF bears.

In a case where USD/CHF drops below 0.9500, the latest swing low near 0.9470 and March’s high near 0.9460 could act as the last defenses for bulls.

USD/CHF: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9577
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	0.9576

Trends
Daily SMA20	0.9686
Daily SMA50	0.968
Daily SMA100	0.9618
Daily SMA200	0.9417

Levels
Previous Daily High	0.9576
Previous Daily Low	0.9471
Previous Weekly High	0.9668
Previous Weekly Low	0.9502
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9536
Daily Fibonacci 61.8%	0.9511
Daily Pivot Point S1	0.9506
Daily Pivot Point S2	0.9435
Daily Pivot Point S3	0.94
Daily Pivot Point R1	0.9612
Daily Pivot Point R2	0.9647
Daily Pivot Point R3	0.9717

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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