• USD/CHF holds to its gains above the 50 and 100-DMA.
  • The USD/CHF daily chart illustrates the pair as neutral biased.
  • In the 4-hour chart, unsuccessfully tests of the 20-EMA on the downside keep the USD/CHF tilted upwards.

USD/CHF advances during the North American session, up by 0.31%, bolstered by a strong US dollar, despite a release of mixed US economic data ahead of the so-awaited Jerome Powell speech at Jackson Hole. At the time of writing, the USD/CHF is trading at 0.9662, above its 50 and 100-day EMAs.

USD/CHF Price Analysis: Technical outlook

The daily chart illustrates price action in the last couple of days as range-bound, about to form a “bearish-harami” candle pattern, which would pose downward pressure on the major. Nevertheless, the Relative Strength Index (RSI) at 58.65 exerts upward pressure on the pair, meaning that the best way to trade the USD/CHF from a daily chart perspective is to expect a break of the previous high/low and wait for a re-test of the breakout.

The 4-hour chart paints a different picture. The USD/CHF has been advancing steadily since August 11, until Tuesday, when the USD/CHF printed a negative day. Nevertheless, it’s worth noting that the day’s low pierced the 20-EMA of the 4-hour chart, stalling the major’s dive before consolidating for a re-test. Today, the USD/CHF re-tested the previously-mentioned moving average, and for the second consecutive time, USD/CHF buyers lifted prices to current price levels.

However, with the Relative Strength Index (RSI) at 61.73, aiming downwards could keep the USD/CHF risks skewed to the downside. But if the USD/CHF breaks above the August 23 high at 0.9692, that will expose the 0.9700 figure, followed by the R2 daily pivot at 0.9730.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price 0.9662
Today Daily Change 0.0024
Today Daily Change % 0.25
Today daily open 0.9638
 
Trends
Daily SMA20 0.9539
Daily SMA50 0.9627
Daily SMA100 0.9653
Daily SMA200 0.9445
 
Levels
Previous Daily High 0.9692
Previous Daily Low 0.9603
Previous Weekly High 0.9598
Previous Weekly Low 0.9409
Previous Monthly High 0.9886
Previous Monthly Low 0.9502
Daily Fibonacci 38.2% 0.9637
Daily Fibonacci 61.8% 0.9658
Daily Pivot Point S1 0.9597
Daily Pivot Point S2 0.9555
Daily Pivot Point S3 0.9507
Daily Pivot Point R1 0.9686
Daily Pivot Point R2 0.9734
Daily Pivot Point R3 0.9775

 

 

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