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USD/CHF Price Analysis: Extends recovery above 0.8500

USD/CHF advances above 0.8500 amid a sharp recovery in the US Dollar.
Investors’ risk-appetite trims ahead of the FOMC minutes.
USD/CHF aims stabilization above 0.8500 for further upside.

Sagar Dua FXStreet

The USD/CHF pair delivers a decisive break above the psychological resistance of 0.8500 in the European session. The Swiss franc asset has extended its recovery to near 0.8520 amid a sharp rebound by the US Dollar Index (DXY) ahead of the Federal Open Market Committee (FOMC) minutes and the Manufacturing PMI data for December by the Institute of Supply Management (ISM).

The market mood has turned risk-averse amid caution that absence of discussions of interest rate cuts from policymakers in the FOMC minutes of December’s monetary policy could spoil recent recovery in risk-perceived assets.

For the ISM Manufacturing PMI, investors see a nominal recovery to 47.1 vs. the former reading of 46.7. The economic data is expected to remain below the 50.0 threshold for the 14th straight month.

On the Swiss Franc front, the Manufacturing PMI for December improved to 43.0 vs. the former reading of 42.1.

USD/CHF advances swiftly after delivering a breakout of the consolidation formed in a narrow range around 0.8500. The Swiss Franc asset has climbed above the horizontal resistance plotted from 22 December 2023 low at 0.8514. Sustainability above the same would strengthen the US Dollar bulls.

Upward-sloping 50-period Exponential Moving Average (EMA) indicates strength in the near-term trend.

The Relative Strength Index (RSI) (14) oscillates in the bullish range of 60.00-80.00, indicating strength in the upside momentum.

Further upside above December 26 high near 0.8580 would drive the asset towards the round-level resistance of 0.8600, followed by December 21 high at 0.8633.

On the contrary, a downside move below December 28 high around 0.8450 would drag the asset towards the round-level support of 0.8400 and December 29 low of 0.8357.

USD/CHF hourly chart

USD/CHF

Overview
Today last price	0.8526
Today Daily Change	0.0023
Today Daily Change %	0.27
Today daily open	0.8503

Trends
Daily SMA20	0.8613
Daily SMA50	0.879
Daily SMA100	0.8878
Daily SMA200	0.8896

Levels
Previous Daily High	0.8507
Previous Daily Low	0.8399
Previous Weekly High	0.858
Previous Weekly Low	0.8333
Previous Monthly High	0.8821
Previous Monthly Low	0.8333
Daily Fibonacci 38.2%	0.8466
Daily Fibonacci 61.8%	0.844
Daily Pivot Point S1	0.8432
Daily Pivot Point S2	0.8362
Daily Pivot Point S3	0.8324
Daily Pivot Point R1	0.854
Daily Pivot Point R2	0.8578
Daily Pivot Point R3	0.8648

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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USD/CHF hourly chart

USD/CHF

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