- 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.
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 Key Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.