- USD/CHF locks in some gains in the early European session.
- Pair looks for additional gains, stays comfortable above 20-hour SMA.
- Momentum oscillators hold onto overbought zone and adopt a wait-and-watch approach.
USD/CHF edges higher on Tuesday morning in the initial European trading hours. The pair moves in a close trading range with almost 10 pips movement and awaits confirmation before any directional bet.
At the time of writing, USD/CHF is trading at 0.9190, up 0.10% for the day.
USD/CHF 4-hour chart
On the 4-hour chart, the pair has been well supported above the 20-hour Simple Moving Average (SMA) at 0.9185. The upward trendline from the low of 0.8981 remains defensive for the bulls.
If the pair sustains above the session’s high at 0.9196, then it has the potential to move back to the 0.9220 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades in an overbought zone, with a bearish crossover. As per the formation, price has retracted from the highs of 0.9230 to the lows of 0.9176. Any uptick in the MACD could prompt USD/CHF bulls to retest the previous day’s high in the vicinity of 0.9240 area.
The price action would then open the gates for the levels last seen in April. The bulls would capture the high of April 15 at 0.9246.
Alternatively, if price reverses direction, then the first target for USD/CHF bears could be the previous day’s low at 0.9175 followed by the 0.9140 horizontal support area.
Next, the market participants would set their eyes on the 0.9100 key psychological mark.
USD/CHF additional levels
|Today last price||0.9193|
|Today Daily Change||0.0015|
|Today Daily Change %||0.16|
|Today daily open||0.9178|
|Previous Daily High||0.9237|
|Previous Daily Low||0.9175|
|Previous Weekly High||0.9239|
|Previous Weekly Low||0.8966|
|Previous Monthly High||0.9165|
|Previous Monthly Low||0.893|
|Daily Fibonacci 38.2%||0.9199|
|Daily Fibonacci 61.8%||0.9214|
|Daily Pivot Point S1||0.9157|
|Daily Pivot Point S2||0.9135|
|Daily Pivot Point S3||0.9095|
|Daily Pivot Point R1||0.9219|
|Daily Pivot Point R2||0.9259|
|Daily Pivot Point R3||0.928|
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