USD/CHF Price Analysis: Remains below 0.9150, US NFP awaited
- USD/CHF consolidates below 0.9150 ahead of the crucial US employment data.
- MACD indicates a tepid momentum in the price movement.
- The 14-day EMA emerges as immediate support, followed by the 0.9100 major level.
USD/CHF snaps a two-day losing streak, trading higher around 0.9140 lined up with the resistance level at 0.9150 psychological level during the early European session on Friday, following the region around the major level at 0.9200.
A firm break above the latter could open the doors for the USD/CHF pair to explore the area near the weekly high at 0.9244 lined up with the 0.9250 major level.
The pair receives upward support following the rebound in the US Dollar (USD), which could be attributed to the improved US Treasury yields.
On the downside, the 14-day Exponential Moving Average (EMA) at 0.9113 emerges as the immediate support, followed by the 0.9100 psychological level. A break below the level could direct the bears of the pair to reach the 23.6% Fibonacci retracement at 0.9081 level.
The Moving Average Convergence Divergence (MACD) indicator is indicating subdued momentum in the price movement. Currently, the MACD line is situated above the centerline but below the signal line. This configuration suggests a lackluster trend in the market at the moment.
However, the prevailing upward momentum in the USD/CHF pair indicates a bullish bias, as the 14-day Relative Strength Index (RSI) remains above the 50 level.
USD/CHF: Daily Chart
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
