USD/CHF Price Analysis: Climbs to fresh eight-day-highs, near 0.9600

USD/CHF is registering a weekly gain of 1.86%, the biggest since June 2022.
A break above 0.9600 could pave the way towards 0.9700.

Christian Borjon Valencia FXStreet

The USD/CHF advances for the six-straight day, on broad US dollar strength across the board, after breaking above the 20-day EMA at 0.9532 on Thursday. During the day, the USD/CHF hit a daily low at 0.9553, before climbing towards its daily high, shy of the 0.9600 figure, before settling at current exchange rates. At the time of writing, the USD/CHF is trading at 0.9587, up by 0.29%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is neutral-to-upward biased. Thursday’s break above a descending channel opened the door for a move to the confluence of the 50/100-day EMAs around 0.9635-41, but firstly USD/CHF buyers will need to reclaim the 0.9600 figure on their way north.

The four-hour scale shows the USD/CHF faced solid resistance at the R1 daily pivot nearby the 0.9600 figure before dipping towards 0.9553. However, buyers re-emerged at the latter, pushing prices higher, but as the end of the week looms, a break above 0.9600 is almost impossible to achieve.

If the above scenario plays out, the USD/CHF first supply zone would be the 200-EMA at 0..9622, followed by the August monthly high at 0.9651, followed by the July 22 high at 0.9704. On the flip side, the USD/CHF first support will be 0.9551. Break below will expose the 20-EMA at 0.9537, followed by the 100-EMA at 0.9515.

USD/CHF 4-Hour chart

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9589
Today Daily Change	0.0020
Today Daily Change %	0.21
Today daily open	0.9569

Trends
Daily SMA20	0.954
Daily SMA50	0.9647
Daily SMA100	0.9643
Daily SMA200	0.9439

Levels
Previous Daily High	0.9572
Previous Daily Low	0.9498
Previous Weekly High	0.9635
Previous Weekly Low	0.9371
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9543
Daily Fibonacci 61.8%	0.9526
Daily Pivot Point S1	0.9521
Daily Pivot Point S2	0.9473
Daily Pivot Point S3	0.9447
Daily Pivot Point R1	0.9594
Daily Pivot Point R2	0.962
Daily Pivot Point R3	0.9668

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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