USD/CHF Price Analysis: Gyrates above 0.9000 inside weekly rising channel

USD/CHF eases after refreshing multi-day top, stays in a positive zone so far.
Bullish MACD, chart pattern favor buyers, previous resistance line, 200-bar SMA may lure bears on channel breakdown.

Anil Panchal FXStreet

USD/CHF recedes from a nine-week top to 0.9040 during early Friday. In doing so, the quote remains positive while staying inside a bullish channel formation established since last Friday.

Considering the sustained trading beyond 200-bar SMA amid bullish MACD, USD/CHF is up for further advances inside the bullish chart pattern.

As a result, the latest pullback can be considered less harmful unless breaking the channel’s support line, at 0.9007 now. Also restricting the nearby declines is the 0.9000 threshold.

It should, however, be noted that the quote’s downside past-0.9000 will not hesitate to challenge the previous resistance line from January 11, currently around 0.8947, whereas the 200-bar SMA level of 0.8880 can entertain the USD/CHF bears afterward.

Meanwhile, the stated channel’s resistance line close to 0.9070 guards the quote’s immediate upside ahead of the December 01 high of 0.9093.

In a case where USD/CHF bulls stay dominant past-0.9093, the 0.9100 round-figure can offer an intermediate halt during the rally targeting November 2020 peak surrounding 0.9210.

USD/CHF four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.9043
Today Daily Change	3 pips
Today Daily Change %	0.03%
Today daily open	0.904

Trends
Daily SMA20	0.8904
Daily SMA50	0.8893
Daily SMA100	0.9015
Daily SMA200	0.9194

Levels
Previous Daily High	0.9042
Previous Daily Low	0.8984
Previous Weekly High	0.8919
Previous Weekly Low	0.8848
Previous Monthly High	0.8926
Previous Monthly Low	0.8758
Daily Fibonacci 38.2%	0.902
Daily Fibonacci 61.8%	0.9006
Daily Pivot Point S1	0.9002
Daily Pivot Point S2	0.8964
Daily Pivot Point S3	0.8945
Daily Pivot Point R1	0.906
Daily Pivot Point R2	0.9079
Daily Pivot Point R3	0.9117

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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