USD/CHF Price Analysis: Jumps to fresh two-month tops, beyond mid-0.9200s

USD/CHF continued scaling hither for the fifth consecutive session on Thursday.
The overnight breakthrough the 0.9200 mark was seen as a key trigger for bulls.
The set-up supports prospects for a move towards the 0.9300 confluence region.

Haresh Menghani FXStreet

The USD/CHF pair gained traction for the fifth consecutive session and shot to fresh two-month tops, around the 0.9270 region during the early North American session.

The momentum reaffirmed the overnight bullish break through the 50-day SMA – for the first time since late May. A subsequent strength beyond the 0.9200 strong barrier prompted some technical buying and remained supportive of follow-through positive move.

The latter coincided with the 23.6% Fibonacci level of the 0.9902-0.8999 downfall and should now act as a strong base and attract some dip-buying. This, in turn, should help limit the downside near the 50-day SMA resistance turned support, near mid-0.9100s.

Meanwhile, technical indicators on the daily charts have been gaining positive traction and are still far from being in the overbought territory. The set-up supports prospects for an extension of the recent recovery from the key 0.9000 psychological mark.

The pair seems all set to surpass the 0.9300 round-figure mark and aim towards testing the next major hurdle near the 0.9350 confluence region – comprising of 100-day SMA and 38.2% Fibo. level.

USD/CHF daily chart

Technical levels to watch

USD/CHF

Overview
Today last price	0.9257
Today Daily Change	0.0017
Today Daily Change %	0.18
Today daily open	0.924

Trends
Daily SMA20	0.9115
Daily SMA50	0.9146
Daily SMA100	0.9352
Daily SMA200	0.9522

Levels
Previous Daily High	0.9244
Previous Daily Low	0.919
Previous Weekly High	0.914
Previous Weekly Low	0.9052
Previous Monthly High	0.9242
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9223
Daily Fibonacci 61.8%	0.921
Daily Pivot Point S1	0.9206
Daily Pivot Point S2	0.9171
Daily Pivot Point S3	0.9152
Daily Pivot Point R1	0.9259
Daily Pivot Point R2	0.9278
Daily Pivot Point R3	0.9313

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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