USD/CHF Price Analysis: Mildly bid towards 0.9300 inside weekly falling channel

USD/CHF keeps bounce off intraday low inside a bearish chart pattern.
Bullish MACD, sustained recovery from 100-SMA favor buyers.
Sellers can eye 200-SMA on the downside break of the stated channel.

Anil Panchal FXStreet

USD/CHF stays firm around 0.9275, up 0.18% intraday, while heading into Friday’s European session. In doing so, the quote justifies Wednesday’s recovery moves from 100-SMA while staying inside a short-term descending channel, a bearish chart pattern.

However, bullish MACD and the pair’s ability to stay above the key SMAs favor buyers targeting the stated channel’s resistance line, at 0.9300 now.

Should USD/CHF bulls manage to defy the bearish formation, the monthly high of 0.9375 and the mid-July 2020 top surrounding 0.9470 should return to the chart.

Meanwhile, 100-SMA and the channel support, respectively around 0.9235 and 0.9205, will precede the 0.9200 threshold during the quote’s fresh downside.

In the case where USD/CHF sellers refrain from respecting the 0.9200 round-figure, the 200-SMA level of 0.9100 will be in focus.

USD/CHF four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.9275
Today Daily Change	17 pips
Today Daily Change %	0.18%
Today daily open	0.9258

Trends
Daily SMA20	0.919
Daily SMA50	0.9025
Daily SMA100	0.9002
Daily SMA200	0.9112

Levels
Previous Daily High	0.9306
Previous Daily Low	0.9219
Previous Weekly High	0.9376
Previous Weekly Low	0.9234
Previous Monthly High	0.9102
Previous Monthly Low	0.8871
Daily Fibonacci 38.2%	0.9272
Daily Fibonacci 61.8%	0.9252
Daily Pivot Point S1	0.9217
Daily Pivot Point S2	0.9175
Daily Pivot Point S3	0.913
Daily Pivot Point R1	0.9303
Daily Pivot Point R2	0.9347
Daily Pivot Point R3	0.9389

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.