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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD eases to near 1.1650, eyes US PCE for fresh impetus

EUR/USD turns south to test 1.1650 in European trading on Friday, facing rejection once again near seven-week highs. The pair, however, continues to draw support from persistent US Dollar selling bias, despite a cautious market mood. Traders now await the US September PCE inflation and UoM Consumer Sentiment data.

GBP/USD holds gains near 1.3350 ahead of US data

GBP/USD sticks to a positive bias near 1.3350 in the European session on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation and sentiment data due later in the day. In the meantime, broad-based US Dollar weakness helps the pair stay afloat.

Gold remains below $4,250 barrier as traders await US PCE data for directional impetus

Gold gains some positive traction on Friday, though it remains confined in the weekly range. Dovish Fed expectations continue to undermine the USD and lend support to the commodity. Bulls, however, might opt to wait for the US PCE Price Index before placing aggressive bets.

UoM Consumer Sentiment Index expected to post a mild recovery in December

December’s preliminary Michigan Consumer Sentiment Index is forecast to have picked up to 52 from a three-year low of 51.0 in November. A stalled labour market and higher price pressures are likely to weigh on consumers’ confidence.

Canada Unemployment Rate expected to edge higher in November ahead of BoC rate decision

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.