• USD/CHF prepares to finish the week with decent gains of 0.65%.
  • The weekly chart depicts the pair as neutral-to-upward biased, further extending the uptrend but unable to crack 0.9900.
  • The USD/CHF daily chart portrays the major as upward biased, and once it clears the 0.9886 mares, the 0.9900 figure would be next.

The USD/CHF finished the week with substantial gains on Friday, up by 1.20%  in the day, due to Federal Reserve officials crossing newswires, reiterating that the Fed would not pivot in the near term and will keep rates elevated to temper inflation. At the time of writing, the USD/CHF is trading at 0.9870.

USD/CHF Price Analysis: Technical outlook

The USD/CHF weekly chart shows the majors closing just below the July 11 week high of 0.9886, keeping the neutral-to-upward bias unchanged. Traders should be aware that, albeit closing below the aforementioned July 11 high, the USD/CHF extended the successive series of higher highs/lows, opening the door for further gains. If the USD/CHF clears 0.9886, the 0.9900 figure is the next supply zone, followed by the parity.

When reviewing the USD/CHF daily chart, the bias is also upward biased, and price action escalating above the “neckline” of an inverted head-and-shoulders chart pattern could pave the way for further gains. Oscillators are in positive territory, with the RSi at 60.79 about to cross above its 7-day RSI SMA, which would mean that buyers are gathering momentum, opening the door for further gains.

Therefore, the USD/CHF first resistance would be the 0.9900 figure. Break above will expose the September 28 high at 0.9965, followed by parity, and then the YTD high at 1.0064.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price 0.987
Today Daily Change 0.0114
Today Daily Change % 1.17
Today daily open 0.9756
 
Trends
Daily SMA20 0.9723
Daily SMA50 0.9642
Daily SMA100 0.9681
Daily SMA200 0.9509
 
Levels
Previous Daily High 0.9856
Previous Daily Low 0.9753
Previous Weekly High 0.9851
Previous Weekly Low 0.962
Previous Monthly High 0.9808
Previous Monthly Low 0.9371
Daily Fibonacci 38.2% 0.9792
Daily Fibonacci 61.8% 0.9817
Daily Pivot Point S1 0.972
Daily Pivot Point S2 0.9685
Daily Pivot Point S3 0.9617
Daily Pivot Point R1 0.9824
Daily Pivot Point R2 0.9892
Daily Pivot Point R3 0.9927

 

 

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