USD/CHF Price Analysis: Marches firmly towards the 0.9800 figure

USD/CHF extends its rally to four straight days, refreshed seven-week highs.
Solid resistance lies around the confluence of a top-trendline of an ascending channel and a psychological price level of around 0.9800.

Christian Borjon Valencia FXStreet

The USD/CHF advances sharply after hitting a daily low at 0.9726. in the North American session. The USD/CHF is trading at 0.9758 after hitting a seven-week high at 0.9807.

USD/CHF Price Analysis: Technical outlook

During the day, the USD/CHF printed a seven-week high, above the 0.9800 figure, though it was short-lived. The major retreated toward current exchange rates. Nevertheless, oscillators, particularly the Relative Strength Index (RSI), signal buyers still have some fuel left in the tank to re-test the abovementioned level, which, once cleared, could pave the way towards July 14 swings high at 0.9886.

Otherwise, the USD/CHF might consolidate around the 0.9700-0.9800 range ahead of the release of Swiss CPI figures on Thursday and Friday’s US Nonfarm Payrolls.

Short term, the USD/CHF 4-hour chart depicts the pair trending up in an ascending channel. The high of the day was the second test of the top-trendline of the channel, with sellers stepping in, dragging the major 50 pips lower. USD/CHF traders should note that the high of the day, was reached when the Relative Strength Index (RSI) peaked at overbought conditions. Therefore, once the RSI dipped, then a re-test of the 0.9800 figure is on the cards.

The USD/CHF first resistance would be the R1 pivot at 0.9777. Once cleared, the next supply zone would be the figure and top-trendline of the channel around 0.9800. On the flip side, the USD/CHF first support would be the daily pivot at 0.9722. A breach of the latter will send the major tumbling towards the 20 EMA at 0.9709, followed by the 0.9700 mark.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9755
Today Daily Change	0.0011
Today Daily Change %	0.11
Today daily open	0.9744

Trends
Daily SMA20	0.9572
Daily SMA50	0.9622
Daily SMA100	0.967
Daily SMA200	0.9454

Levels
Previous Daily High	0.9762
Previous Daily Low	0.9666
Previous Weekly High	0.9692
Previous Weekly Low	0.9574
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9725
Daily Fibonacci 61.8%	0.9703
Daily Pivot Point S1	0.9686
Daily Pivot Point S2	0.9628
Daily Pivot Point S3	0.9589
Daily Pivot Point R1	0.9782
Daily Pivot Point R2	0.982
Daily Pivot Point R3	0.9878

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

GBP/USD stays slightly offered below 1.3600

Following an initial drop to fresh six-day lows, GBP/USD now picks up some updside traction and trades in levels just shy of the 1.3600 barrier on Thursday. The generalised cautious tone among market participants continue to underpin the Greenback ahead of Friday’s data releases and the Fed Warsh’s speech.

EUR/USD challenges 1.1650; US Dollar remains inconclusive

EUR/USD now manages to regain some composure, trimming earlier losses and reclaiming the mid-1.1600s on Thursday. The pair’s pullback comes on the back of marginal gains in the US Dollar, as market participants now shift their attention to Friday’s NFP revision and the speech by Chair Warsh at the Jackson Hole Symposium.

Gold recovers $4,600, buyers unwilling to give up

Gold adds to Wednesday’s pullback, although it manages to pick up some pace and come closer to the $4,600 mark per troy ounce on Thursday. In the meantime, the yellow metal remains on the back foot despite the widespread caution and the lack of clear direction of the US Dollar.

Crypto Today: Bitcoin, Ethereum, XRP bulls regain strength amid steady capital inflows

Cryptocurrency prices are broadly edging higher on Thursday, led by Bitcoin’s uptick near $80,000. Altcoins mirror Bitcoin’s short-term bullish outlook, with Ethereum trading above $2,500 and Ripple hovering above its key $1.40 support.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.

Kevin Warsh’s Jackson Hole dilemma: Say too much, too little, or just enough

Kevin Warsh is preparing to deliver his first Jackson Hole speech as Federal Reserve (Fed) Chair on Friday, and expectations extend well beyond whether interest rates will be raised or left unchanged in September.