USD/CHF Price Analysis: Falls towards 0.9600 as sellers get ready to test double top’s neckline at 0.9540s

The Swiss franc extends its weekly gains to almost 1%, as shown by the USD/CHF falling from weekly highs above 0.9700.
Through the New York sesión, risk aversion pushed equities to negative territory and gave a fresh impulse to safe-haven assets, boosting the CHF.
USD/CHF Price Analysis: The formation of a double tops looms and will target 0.9150.

Christian Borjon Valencia FXStreet

The USD/CHF extends to four, its fall from around the 50-day moving average (DMA), at that time around 0.9707, aiming towards the 0.9600 figure, for the first time since early June. At the time of writing, the USD/CHF is trading at 0.9600.

The market sentiment shifted sour as US equities dwindled, trading in the red. The risk-off impulse boosted the Swiss franc, which has accumulated gains of almost 1% in the week, as the USD/CHF has fallen from 09712 to the 0.9600 area. Nevertheless, the uptick of the greenback, as shown by the US Dollar Index, a gauge of the buck’s value against a basket of six peers, gaining 0.24%, sitting at 104.440, capped any USD/CHF falls.

USD/CHF Price Analysis: Technical outlook

Daily chart

From a daily chart perspective, the USD/CHF remains neutral biased. However, once the Relative Strength Index (RSI) collapsed from overbought territory and broke below the RSI’s 7-day SMA, it opened the door for further losses. Besides, the formation of a double top that has failed to be confirmed so far, unless the USD/CHF breaches the necklines around 0.9544, will send the pair tumbling towards 0.9150.

Therefore, the USD/CHF first support would be the 0.9600 figure. A breach of the latter would pave the way towards the double top neckline at 0.9544. Once cleared, the major’s next support would be the 100-day moving average (DMA) around 0.9499.

USD/CHF Key Technical Levels

Overview
Today last price	0.9606
Today Daily Change	-0.0006
Today Daily Change %	-0.06
Today daily open	0.9612

Trends
Daily SMA20	0.9716
Daily SMA50	0.9724
Daily SMA100	0.9499
Daily SMA200	0.9359

Levels
Previous Daily High	0.969
Previous Daily Low	0.9581
Previous Weekly High	1.005
Previous Weekly Low	0.9619
Previous Monthly High	1.0064
Previous Monthly Low	0.9545
Daily Fibonacci 38.2%	0.9623
Daily Fibonacci 61.8%	0.9648
Daily Pivot Point S1	0.9565
Daily Pivot Point S2	0.9518
Daily Pivot Point S3	0.9456
Daily Pivot Point R1	0.9674
Daily Pivot Point R2	0.9736
Daily Pivot Point R3	0.9783

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.

AUD/USD picks up bids above 0.7100 after RBA-speak

AUD/USD picks up bids above 0.7100 in the Asian session on Tuesday, following hawkish comments from RBA Assistant Governor Sarah Hunter and Governor Michele Bullock. However, escalating tensions in the Middle East and the Fed's hawkish outlook remain supportive of the bullish US Dollar undertone, which could limit the pair. The crucial Trump-Xi summit is later this week and remains in focus.

USD/JPY holds small gains near 157.50 as JPY intervention risks loom

USD/JPY posts modest gains while trading near 157.50 in the Asian session on Tuesday as intervention fears help limit losses for the Japanese Yen. However, the BoJ's dovish rate hike to a 31-year high keeps JPY bulls on the back foot. Meanwhile, the US Dollar retains a bullish undertone amid the Fed's hawkish outlook and escalating Middle East tensions, providing tailwinds for the pair.

Gold drops to three-day low, eyes $4,300 as hawkish Fed and Iran risks underpin USD

Gold turns lower for the second consecutive day following a modest intraday uptick, dropping to the $4,315 region, or a three-day low heading into the European session on Tuesday. The US Federal Reserve's hawkish outlook is seen as a key factor driving flows away from the non-yielding yellow metal.

Bitcoin pauses rally as profit-taking reaches yearly high

Bitcoin takes a breather, facing a pullback, trading below $85,500 on Tuesday after surging 6.7% the previous day. Strong institutional demand supports the bullish price action, with spot Bitcoin Exchange Traded Funds recording nearly $1 billion in inflows on Monday and Strategy adding 950 BTC to its treasury.

Energy and risk markets remain in the driver’s seat

US stock markets rallied up 2.26% (Nasdaq) yesterday with AI/tech names leading the advance. The Nasdaq even tested the all-time high reached early June. The likes of the S&P 500 and EuroStoxx50 recovered up to 1.5%. Positive risk vibes and lower energy prices supported consolidation on bond markets following the past month’s heavy losses. European yield curves bull steepened.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.