USD/CHF Price Analysis: Double bottom in the hourly chart, targets 0.9970s

The USD/CHF reclaims 0.9900, as a double bottom chart pattern, targets 0.9974.
Short term, the USD/CHF is neutral-to-downward biased, but it could reach the double bottom target before retracing towards the 20-EMA at 0.9899.

Christian Borjon Valencia FXStreet

The USD/CHF is slightly down as the Asian Pacific session begins, though in the week it is gaining some 0.49%, after hitting a weekly high in the mid-0.99-1.00 range, due to improvement in sentiment; however, it retraced some to the current spot prices. At the time of writing, the USD/CHF is trading at 0.9922, down 0.01%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF remains upward biased, though it failed to break above the September monthly high of 0.9966. It should be noted that the major has printed a higher low, but to continue its uptrend, it would need to clear September’s high to open the door for a parity re-test.

Since September 28, the USD/CHF bottomed around the 0.9740 area, forming a double bottom chart pattern. During Monday’s session, the USD/CHF decisively cleared the September 29 daily high at 0.9855, validating the pattern, which targets a rally towards 0.9974.

Therefore, the USD/CHF first resistance would be the October 3 high at 0.9966. Once cleared, the next resistance would be the double bottom target, at 0.9974, followed by the parity.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9921
Today Daily Change	0.0051
Today Daily Change %	0.52
Today daily open	0.987

Trends
Daily SMA20	0.9726
Daily SMA50	0.9647
Daily SMA100	0.9679
Daily SMA200	0.9513

Levels
Previous Daily High	0.9877
Previous Daily Low	0.9738
Previous Weekly High	0.9966
Previous Weekly Low	0.9738
Previous Monthly High	0.9966
Previous Monthly Low	0.948
Daily Fibonacci 38.2%	0.9824
Daily Fibonacci 61.8%	0.9791
Daily Pivot Point S1	0.978
Daily Pivot Point S2	0.969
Daily Pivot Point S3	0.9641
Daily Pivot Point R1	0.9919
Daily Pivot Point R2	0.9967
Daily Pivot Point R3	1.0058

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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