USD/CHF Price Analysis: Climbs toward 0.9370s as a double-bottom emerged

USD/CHF bounces around the last week’s lows around 0.9310s.
Near term, the USD/CHF formed a double bottom, which targets a rally towards 0.9430s.

Christian Borjon Valencia FXStreet

The USD/CHF bounces from last week’s lows around 0.9313 and rises toward 0.9350s, due to a slight jump in US Dollar (USD) demand, amidst an optimistic market sentiment. Elevated US Treasury yields and market-moving economic data from the US due Tuesday bolstered the USD. At the time of writing, the USD/CHF is trading at 0.9378, above its opening price.

USD/CHF Price Analysis: Technical outlook

With the USD/CHF climbing in the North American session after bottoming at the falling-wedge bottom trendline, the USD/CHF remains neutral to downward biased. Nevertheless, a clear break above last Friday’s high of 0.9381 could pave the way to challenge the 0.9400 figure. The Relative Strength Index (RSI0 at bearish territory suggests sellers remain in charge; whatsoever the Rate of Change (RoC) indicates, they are losing momentum.

Short term, the USD/CHF formed a double bottom in the one-hour chart, which would be confirmed by a decisive break above 0.9381. Once achieved, the USD/CHF following resistance would be 0.9400, followed by the December 8 daily high of 0.9426, ahead of 0.9455. On the flip side, the USD/CHF first support would be the 100-Exponential Moving Average (EMA) at 0.9368. A breach of the latter will expose the 50-EMA at 0.9353, followed by the 20-EMA at 0.9347.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9378
Today Daily Change	0.0018
Today Daily Change %	0.19
Today daily open	0.935

Trends
Daily SMA20	0.945
Daily SMA50	0.9737
Daily SMA100	0.9692
Daily SMA200	0.9647

Levels
Previous Daily High	0.9382
Previous Daily Low	0.9312
Previous Weekly High	0.9456
Previous Weekly Low	0.9312
Previous Monthly High	1.0148
Previous Monthly Low	0.9357
Daily Fibonacci 38.2%	0.9339
Daily Fibonacci 61.8%	0.9355
Daily Pivot Point S1	0.9314
Daily Pivot Point S2	0.9278
Daily Pivot Point S3	0.9244
Daily Pivot Point R1	0.9384
Daily Pivot Point R2	0.9418
Daily Pivot Point R3	0.9454

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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