- 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.
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
Additional important levels
|Today last price||0.9695|
|Today Daily Change||11 pips|
|Today Daily Change %||0.11%|
|Today daily open||0.9684|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.