• 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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs above 1.0500 as US Dollar weakens

EUR/USD climbs above 1.0500 as US Dollar weakens

EUR/USD preserves its bullish momentum and trades above 1.0500 in the early American session on Wednesday. After the data from the US showed that Unit Labor Costs rose at a slower pace than expected in Q3, the US Dollar came under renewed selling pressure.

EUR/USD News

GBP/USD extends rebound toward 1.2200

GBP/USD extends rebound toward 1.2200

GBP/USD continues to push higher toward 1.2200 in the second half of the day on Wednesday. The renewed US Dollar weakness on weaker-than-expected Unit Labor Costs reading for the third quarter fuels the pair's daily advance.

GBPUSD News

Gold gains traction, closes in on $1,780

Gold gains traction, closes in on $1,780

Following a consolidation phase at around $1,770 during the European trading hours, Gold price gained traction and rose toward $1,780. The 10-year US Treasury bond yield is down nearly 1% on the day and testing 3.5%, helping XAU/USD gather bullish momentum.

Gold News

JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price

JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price

JP Morgan will work alongside Al Fardan Exchange LLC in the United Arab Emirates (UAE) to power faster transaction settlement and transfers in fiat currencies.

Read more

S&P 500 (SPX) stocks slide further as market fears Fed

S&P 500 (SPX) stocks slide further as market fears Fed

Equity markets continued to retreat on Tuesday as investors continued to climb the worry wall ahead of the Fed decision next week. Oil fell, and that dragged oil stocks lower with the XLE and XOP both falling nearly 3%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures