• 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.

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

 

 

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