USD/CHF Price Analysis: Reaches a four-week high nearby 0.9660 on risk aversion

USD/CHF climbs but retreats at the 100-day EMA at 0.9644.
The 4-hour chart illustrates that the USD/CHF might print a leg-down before resuming upwards.
A break above the 100-day EMA to open the door for 0.9700.

Christian Borjon Valencia FXStreet

The USD/CHF rallied in the North American session, bolstered by broad US dollar strength and risk aversion, so traders seeking safety bought the greenback, to the detriment of the Swiss franc. At the time of writing, the USD/CHF is trading at 0.9642 above its opening price by 0.60%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is upward biased, testing the 100-day EMA at 0.9644, breaking on its way north the 50-day EMA at 0.9629. USD/CHF traders should be aware that the price is testing the August 3 high at 0.9651, which, once cleared, would pave the way towards the 0.9700 figure, ahead of the July 14 daily high at 0.9886.

Reviewing the four-hour scale, the USD/CHF broke from consolidation around the 0.9574-0.9605 area, exposing the major to higher exchange rates, and on its way, north printed a daily high at 0.9658. Nevertheless, selling pressure entering in August 3 highs sent the pair sliding towards current price levels.

Even though the USD/CHF retreated, it opened the door for further gains. Still, the Relative Strength Index (RSI) entering overbought conditions suggests the pair might record a leg-down towards the 200-EMA at 0.9619 before resuming the uptrend.

Therefore, the USD/CHF first resistance would be the R3 daily pivot at 0.9652. The break above will expose the R4 daily pivot at 0.9680, followed by the August 22 daily high at 0.9704.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9641
Today Daily Change	0.0051
Today Daily Change %	0.53
Today daily open	0.959

Trends
Daily SMA20	0.9539
Daily SMA50	0.9641
Daily SMA100	0.9646
Daily SMA200	0.9441

Levels
Previous Daily High	0.9598
Previous Daily Low	0.9553
Previous Weekly High	0.9598
Previous Weekly Low	0.9409
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9581
Daily Fibonacci 61.8%	0.957
Daily Pivot Point S1	0.9563
Daily Pivot Point S2	0.9536
Daily Pivot Point S3	0.9518
Daily Pivot Point R1	0.9608
Daily Pivot Point R2	0.9625
Daily Pivot Point R3	0.9653

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.

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