- USD/CHF trims early Asian losses to revisit 0.9060-65 region.
- Upbeat MACD, bullish chart patterns favor the buyers.
- Upper line of the 10-week-old rising channel tests short-term bulls before immediate ascending channel and 200-day SMA.
- Bears need to defy multiple channels, refresh monthly low to retake controls.
USD/CHF picks up bids around 0.9060 while heading into Friday’s European session. In doing so, the Swiss currency pair attacks the familiar region surrounding the intraday high amid bullish MACD.
A sustained upside clearance of the early-month top joins bullish MACD and two ascending trend channels to back the USD/CHF buyers.
However, the road to the north has many speed-breakers wherein the resistance line of the longer channel, at 0.9100 now, restricts the quote’s nearby rise.
Even if the USD/CHF bulls manage to cross 0.9100, life won’t be easy as the upper limit of the two-week-old ascending channel and 200-day SMA, respectively around 0.9115 and 0.9135 respectively, will challenge the further upside.
Alternatively, short-term sellers will seek a clear break of 0.9040, comprising the early month top, to challenge immediate channel’s support, currently around 0.8990. However, the USD/CHF bears won’t be serious until the quote drops below the multi-week-old rising channel’s lower line, at 0.8900 now. Also acting as a downside filter is the monthly low near 0.8870.
Overall, USD/CHF remains on the firm footing but the upside moves are likely to be capped.
USD/CHF daily chart
Trend: Gradual upside expected
Additional important levels
|Today last price||0.9062|
|Today Daily Change||-2 pips|
|Today Daily Change %||-0.02%|
|Today daily open||0.9064|
|Previous Daily High||0.9082|
|Previous Daily Low||0.9028|
|Previous Weekly High||0.8996|
|Previous Weekly Low||0.8871|
|Previous Monthly High||0.8926|
|Previous Monthly Low||0.8758|
|Daily Fibonacci 38.2%||0.9048|
|Daily Fibonacci 61.8%||0.9061|
|Daily Pivot Point S1||0.9034|
|Daily Pivot Point S2||0.9004|
|Daily Pivot Point S3||0.8981|
|Daily Pivot Point R1||0.9087|
|Daily Pivot Point R2||0.9111|
|Daily Pivot Point R3||0.9141|
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