USD/CHF Price Analysis: Greenback grinding up vs. Swiss franc, clings to 2020 highs


  • USD/CHF is slowly advancing printing fresh 2020 highs by a few pips.
  • The rising wedge formations can limit the upside on USD/CHF. 
 

USD/CHF daily chart

 
USD/CHF is printing new 2020 highs while the quote is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum.
 

USD/CHF four-hour chart

 
After USD/CHF broke below the rising wedge pattern the market made a retest of the high creating a higher high by a few pips just below the 0.9800 figure. The spot is also trading within a larger rising wedge pattern which can be seen as potentially bearish if the bears start to show some signs of conviction. In fact, bears want to weaken the market and trade below the 0.9770 level to drive the quote below the last swing low towards the 0.9730 and 0.9710 price levels. However, a daily break above the 0.9800 figure might invalidate the bearish scenario and lead to an acceleration towards the 0.9830 and 0.9850 price levels. 
 
 
Resistance: 0.9800, 0.9830, 0.9850
Support: 0.9770, 0.9730, 0.9710
 

Additional key levels

USD/CHF

Overview
Today last price 0.9786
Today Daily Change 0.0006
Today Daily Change % 0.06
Today daily open 0.978
 
Trends
Daily SMA20 0.9709
Daily SMA50 0.9746
Daily SMA100 0.9838
Daily SMA200 0.9868
 
Levels
Previous Daily High 0.9786
Previous Daily Low 0.974
Previous Weekly High 0.9782
Previous Weekly Low 0.9629
Previous Monthly High 0.9768
Previous Monthly Low 0.9613
Daily Fibonacci 38.2% 0.9769
Daily Fibonacci 61.8% 0.9758
Daily Pivot Point S1 0.9752
Daily Pivot Point S2 0.9723
Daily Pivot Point S3 0.9706
Daily Pivot Point R1 0.9797
Daily Pivot Point R2 0.9814
Daily Pivot Point R3 0.9843

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers above multi-year lows amid coronavirus fears, ahead of ZEW

EUR/USD is trading just above 1.0820, the lowest since 2017, as the coronavirus outbreak is taking its economic toll on Apple among others. The German ZEW Economic Sentiment figure is eyed.

EUR/USD News

GBP/USD extends losses to sub-1.3000 area, UK unemployment rate in focus

GBP/USD stays mildly negative just below 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.

GBP/USD News

Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids above $1585, +0.35%, during the pre-European trading on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures