- USD/CHF is in a consolation mood after moving continuously higher from the lows of 0.9142.
- Pair looks for additional gains if price decisively breaks 0.9260.
- Momentum oscillator holds onto the overbought zone with an upside bias.
USD/CHF extends the previous session’s gains on Friday in the Asian session. The pair confides in a very narrow trading range.
At the time of writing, USD/CHF is trading at 0.9262, up 0.06% for the day.
USD/CHF daily chart
On the daily chart, the USD/CHF pair has formed a double top formation near the 0.6960 level, which resulted in a stalled movement for the previous two sessions.
If the pair sustains above 0.9260, it will allow bulls to test April 19 high at 0.9281.
The Relative Strength Index (MACD) indicator reads at 59, which indicates an underlying bullish tone.
In doing so, USD/CHF bulls would recoup 0.9300, the key psychological mark, last visible in early April. The next upside target could be the high made on April 7 in the vicinity of the 0.9320 level.
Alternatively, if price reverses direction, in that case, the first target for USD/CHF bears could be the 0.9250 horizontal support level.
The selling pressure could be intensified toward the 23.6% Fibonacci retracement level, which extends from the low of 0.8962, at 0.9180.
The next target for the bears is the low of June 28 at 0.9166.
USD/CHF additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.