USD/CHF Price Analysis: Climbs sharply towards six-week highs around 0.9760s

The USD/CHF climbs during the North American session, hitting a six-week high at around 0.9762, leaving below the 20-day EMA, widening the gap from the long-term daily moving averages (DMAs). At the time of writing, the USD/CHF exchanges hands at 0.9746, up 0.70%.

USD/CHF Price Analysis: Technical outlook

The USD/CHF weekly chart illustrates the pair extended its gains above the 20-EMA, lying at 0.9676, following Monday’s unsuccessful break. Additionally, the Relative Strength Index (RSI) crossed above the 7-week RSI’s SMA, aiming higher, showing buyers are gathering momentum. Therefore, the USD/CHF is resuming its upward bias in the near term.

The USD/CHF daily chart illustrates the major bouncing off the 100-day EMA, after Monday’s failure to do, and extended its gains to hit a daily high at 0-9762 before retreating toward current price levels, just above the July 21 high at 0.9739. If the USD/CHF achieves a daily close below tie latter, a retracement towards the 0.9600 figure is on the cards. Otherwise, the USD/CHF could continue its way north, towards the 0.9886 mark, ahead of the 0.9900 psychological level.

Hence, the USD/CHF first resistance would be the 0.9800 figure, followed by the July 14 daily high at 0.9886, ahead of the psychologically 0.9900 mark. On the other hand, the USD/CHF first support would be the 0.9700 figure. Once cleared, the next demand area would be the 100-day EMA at 0.9665, followed by the 50-day EMA at 0.9616, and then the August 26 daily low at 0.9577.

USD/CHF Key Technical Levels