USD/CHF Price Analysis: Climbs amidst US rate hike expectations, risk-off mood

USD/CHF sees a 0.30% rise late in the North American session, fueled by expectations of a US rate hike in June.
Despite a neutral to downward bias, the recent correction has investors optimistic about breaching several resistance levels, including the crucial 0.9000 mark.
Mixed signals from oscillators suggest caution is warranted for USD/CHF buyers.

Christian Borjon Valencia FXStreet

USD/CHF advances late in the North American session, as the greenback remains bolstered by expectations the US central bank would raise rates in June. Furthermore, the market mood was dampened amidst uncertainty about the US Federal Reserve (Fed) Chair Jerome Powell's testimony in the US Congress. At the time of writing, the USD/CHF is trading at 0.8980, a gain of 0.30%.

USD/CHF Price Analysis: Technical outlook

From a technical perspective, the USD/CHF is neutral to downward biased. However, the recent correction keeps buyers hopeful of shifting the pair bias to neutral if several resistance levels are breached. Firstly, the USD/CHF must reclaim the 0.9000 figure, followed by conquering the 20-day Exponential Moving Average (EMA) at 0.9007. In that outcome, the next supply zone would be the June 15 daily high at 0.9056, followed by the confluence of the

Conversely, and the path of least resistance, the USD/CHF first support would be the June 16 low at 0.8940. Once cleared, the pair could dive towards the 0.8900 figure, ahead of challenging the year-to-date (YTD) low of 0.8819.

Oscillators offer mixed signals, with the Relative Strenght Index (RSI), although at bearish territory, aiming north; while the three-day Rate of Change (RoC) portrays the pair

USD/CHF Price Action – Daily chart

USD/CHF

Overview
Today last price	0.898
Today Daily Change	0.0021
Today Daily Change %	0.23
Today daily open	0.8959

Trends
Daily SMA20	0.9038
Daily SMA50	0.898
Daily SMA100	0.9106
Daily SMA200	0.9337

Levels
Previous Daily High	0.8975
Previous Daily Low	0.8934
Previous Weekly High	0.9109
Previous Weekly Low	0.8902
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.8959
Daily Fibonacci 61.8%	0.8949
Daily Pivot Point S1	0.8937
Daily Pivot Point S2	0.8914
Daily Pivot Point S3	0.8895
Daily Pivot Point R1	0.8978
Daily Pivot Point R2	0.8997
Daily Pivot Point R3	0.9019

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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