USD/CHF Price Analysis: Follows rising channel on H4 ahead of SNB


  • USD/CHF stays positive near a three-week high.
  • The resistance line of an eight-day-old rising trend channel limits the immediate upside.
  • 200-bar SMA offers immediate support, SNB in the spotlight.

USD/CHF pulls back from the resistance line of a short-term rising trend channel while taking rounds to 0.9695, up 0.16%, during the early Thursday.

In addition to the channel’s resistance, nearly overbought RSI conditions also challenge the pair’s further upside.

However, sellers will wait for the entry below 200-bar SMA level of 0.9650 while targeting 61.8% Fibonacci retracement level of February 20 to March 09 fall, at 0.9590.

During the pair’s additional weakness past-0.9590, the said channel’s support line near 0.9490 will be the key to watch.

On the upside, a sustained break of 0.9740 can propel the USD/CHF prices further towards late-February highs surrounding 0.9850.

It should also be noted that the Swiss National Bank (SNB) is up for a monetary policy meeting decision at 08:30 GMT. While the Swiss central bank isn’t expected to announce any rate changes, a surprise moves can’t be ruled out amid the present rush to combat the coronavirus (COVID-19) fears.

USD/CHF four-hour (H4) chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.9695
Today Daily Change 11 pips
Today Daily Change % 0.11%
Today daily open 0.9684
 
Trends
Daily SMA20 0.9581
Daily SMA50 0.9667
Daily SMA100 0.9761
Daily SMA200 0.9818
 
Levels
Previous Daily High 0.9751
Previous Daily Low 0.9566
Previous Weekly High 1.189
Previous Weekly Low 0.9183
Previous Monthly High 0.9851
Previous Monthly Low 0.9609
Daily Fibonacci 38.2% 0.968
Daily Fibonacci 61.8% 0.9637
Daily Pivot Point S1 0.9583
Daily Pivot Point S2 0.9482
Daily Pivot Point S3 0.9398
Daily Pivot Point R1 0.9768
Daily Pivot Point R2 0.9852
Daily Pivot Point R3 0.9953

 

 

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