• The US Dollar remains offered, except against the Swiss Franc, as the USD/CHF rises.
  • USD/CHF: A  daily close above 0.9425 will pave the way toward a 0.9500 test.

The US Dollar (USD) stages a mild recovery against the Swiss Franc (CHF) following the release of the Federal Reserve (Fed) November meeting minutes, which showed policymakers’ desire to moderate interest-rate increases. Therefore, the USD/CHF tanked on Wednesday, but the story differed on Thursday. At the time of writing, the USD/CHF is trading at 0.9434 after traveling from its daily low of 0.9387.

USD/CHF Price Analysis: Technical outlook

The USD/CHF daily chart depicts Thursday’s price action forming a hammer, a candlestick that appears as a reversal pattern. Nevertheless, as with most technical analysis tools, that’s just one piece of the puzzle, as it will need further confirmation from Friday. The Relative Strength Index (RSI) shows sellers are in charge, but its slope aims upward, signaling that they might be losing momentum. If the USD/CHF achieves a daily close above Wednesday’s 0.9425, that could open the door for a re-test of 0.9500. Otherwise, sellers outweigh buyers could pressure the major towards 0.9400 before testing the November low at 0.9356.

In the near term, the USD/CHF 4-hour chart portrays the major as downward biased once it cleared an upslope trendline on November 22, exacerbating a drop below 0.9500. On its way toward a new weekly low below 0.9400, the USD/CHF surpassed the 50-Exponential Moving Average (EMA) alongside the daily pivot point at 0.9460. However, the USD/CHF S1 daily pivot at 0.9381 probed rigid support to break, and the major climbed back above 0.9400 toward the current spot price.

Therefore, the USD/CHF first resistance would be the daily pivot at 0.9460, followed by the 50-EMA at 0.9484, ahead of the psychological 0.9500 mark. As an alternative scenario, the USD/CHF first support would be 0.9400, followed by the S1 pivot level at 0.9381, ahead of November’s low at 0.9356.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price 0.9435
Today Daily Change 0.0015
Today Daily Change % 0.16
Today daily open 0.942
 
Trends
Daily SMA20 0.9727
Daily SMA50 0.9816
Daily SMA100 0.9731
Daily SMA200 0.9633
 
Levels
Previous Daily High 0.9533
Previous Daily Low 0.9412
Previous Weekly High 0.9558
Previous Weekly Low 0.9357
Previous Monthly High 1.0148
Previous Monthly Low 0.9781
Daily Fibonacci 38.2% 0.9459
Daily Fibonacci 61.8% 0.9487
Daily Pivot Point S1 0.9377
Daily Pivot Point S2 0.9334
Daily Pivot Point S3 0.9256
Daily Pivot Point R1 0.9498
Daily Pivot Point R2 0.9576
Daily Pivot Point R3 0.9619

 

 

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