• USD/CHF bounces from weekly lows, set to finish the week with gains of 0.73%.
  • From a daily chart perspective, the USD/CHF has nowhere to go; it would likely remain in consolidation.
  • Near-term, a symmetrical triangle in the USD/CHF 4-hour chart targets 0.9767.

The USD/CHF stages a comeback after hitting weekly lows around 0.9577 earlier in the day and is about to erase Thursday’s losses as the USD/CHF aims towards the 100-DMA, following hawkish remarks by the US Federal Reserve Chief, Jerome Powell. The USD/CHF is trading at 0.9659, up by almost 0.20%.

USD/CHF Price Analysis: Technical outlook

Consolidation in the daily chart will keep the USD/CHF trading within the 0.9600-0.9690 range, as shown by this week’s price action. Worth noting that the support/resistance levels are the 100 and 50-day EMAs, each at 0.9657 and 0.9614, respectively. Therefore, unless the exchange rate decisively breaks above/below the range, the USD/CHF might remain subdued.

Short term, the USD/CHF 4-hour scale depicts the formation of a symmetrical triangle on an uptrend, which was “false” broken to the downside, on the remarks of Fed’s Powell, though it closed within the top-bottom of the trendlines. Additionally, the USD/CHF bias is neutral-to-upwards biased, confirmed by the moving averages residing below the spot price, while the Relative Strength Index (RSI) turned the coroner and began to aim higher in positive territory.

Hence, the USD/CHF first resistance would be the top-trendline of the symmetrical triangle. Break above will expose the confluence of the R2 pivot point and the 0.9700 figure. Once cleared, the next supply zone would be the height of the symmetrical triangle, which targets 0.9767, followed by the psychological 0.9800 mark.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price 0.9658
Today Daily Change 0.0027
Today Daily Change % 0.28
Today daily open 0.9631
 
Trends
Daily SMA20 0.9547
Daily SMA50 0.9621
Daily SMA100 0.9659
Daily SMA200 0.9448
 
Levels
Previous Daily High 0.9671
Previous Daily Low 0.9613
Previous Weekly High 0.9598
Previous Weekly Low 0.9409
Previous Monthly High 0.9886
Previous Monthly Low 0.9502
Daily Fibonacci 38.2% 0.9635
Daily Fibonacci 61.8% 0.9649
Daily Pivot Point S1 0.9606
Daily Pivot Point S2 0.958
Daily Pivot Point S3 0.9548
Daily Pivot Point R1 0.9664
Daily Pivot Point R2 0.9696
Daily Pivot Point R3 0.9722

 

 

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