USD/CHF Price Analysis: Bounces off weekly low, tests 50-DMA after upbeat US data

USD/CHF registers solid gains, bouncing from a weekly low of 0.8878 to trade at 0.8936.
A breach of the 50-DMA at 0.5965 could test the 200-DMA at 0.9009.
First support levels are at 0.8900, and the October 23 swing low of 0.8878, with further support at 0.8819 and 0.8800.

Christian Borjon Valencia FXStreet

The USD/CHF advances steadily, registering solid gains of 0.33%, after bouncing from a weekly low of 0.8878. Upbeat data from the United States (US) strengthened the Greenback and lifted the major past the 0.8900 figure, currently exchanging hands at 0.8936.

From a daily chart perspective, after dropping below the 50-day moving average (DMA) at 0.5965, the downtrend remains intact unless USD/CHF breaches the latter, which could put into play a test of the 200-DMA at 0.9009. Once cleared, the USD/CHF could aim toward 0.9100.

Conversely, and the path of least resistance, the USD/CHF first support would be 0.8900, followed by the October 23 swing low of 0.8878. IF sellers reclaim those levels, the next stop would be the August 30 swing low of 0.8819, ahead of the 0.8800 mark.

USD/CHF Price Action – Daily chart

USD/CHF Technical Levels

USD/CHF

Overview
Today last price	0.8937
Today Daily Change	0.0025
Today Daily Change %	0.28
Today daily open	0.8912

Trends
Daily SMA20	0.9072
Daily SMA50	0.8963
Daily SMA100	0.89
Daily SMA200	0.9012

Levels
Previous Daily High	0.8957
Previous Daily Low	0.8906
Previous Weekly High	0.9042
Previous Weekly Low	0.8902
Previous Monthly High	0.9225
Previous Monthly Low	0.8795
Daily Fibonacci 38.2%	0.8925
Daily Fibonacci 61.8%	0.8937
Daily Pivot Point S1	0.8893
Daily Pivot Point S2	0.8873
Daily Pivot Point S3	0.8841
Daily Pivot Point R1	0.8944
Daily Pivot Point R2	0.8976
Daily Pivot Point R3	0.8995

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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