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

 

 

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