USD/CHF Price Analysis: Soars post US NFP, reclaims 0.9600

The USD/CHF is snapping two consecutive weeks of losses, gaining 1.37%.
From the daily chart perspective, the major is headed upwards and will test resistance around 0.9669-75.
If USD/CHF buyers conquer 0.9642-50, a move towards 0.9703 is on the cards.

Christian Borjon Valencia FXStreet

The USD/CHF is surging during the North American session after hitting a daily low early in the Asian session at 0.9538. Still, positive US economic data spurred a jump towards the daily high at 0.9644, shy of the weekly high at 0.9651. At the time of writing, the USD/CHF is trading at 0.9638.

USDCHF Price Analysis: Technical outlook

The USD/CHF daily chart illustrates the pair as upward biased, further reinforced by the Relative Strength Index, crossing above the 50-midline, displaying that buyers are gathering momentum as the exchange rate approaches a substantial resistance area at the confluence of the 20 and 50-day EMAs, in the 0.9660-75. A decisive break would clear the way towards the July 14 daily high at 0.9886.

In the 4-hour scale, the USD/CHF tests the confluence of the 100, 200-EMAs and the R2 daily pivot point, in the 0.9642-52 area, which ounce cleared, could pave the way for the USD/CHF towards the July 22 high at 0.9703. Even though it’s a clouded area, the Relative Strength Index reading at 64 still has some room to spare if buyers step in to push prices higher.

On the other hand, if USD/CHF resistance holds, the major could dip towards the R1 pivot point at 0.9600.

USDCHF Key Technical Level

USD/CHF

Overview
Today last price	0.9638
Today Daily Change	0.0075
Today Daily Change %	0.79
Today daily open	0.955

Trends
Daily SMA20	0.9672
Daily SMA50	0.9679
Daily SMA100	0.9622
Daily SMA200	0.9421

Levels
Previous Daily High	0.9623
Previous Daily Low	0.9544
Previous Weekly High	0.9668
Previous Weekly Low	0.9502
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9574
Daily Fibonacci 61.8%	0.9593
Daily Pivot Point S1	0.9522
Daily Pivot Point S2	0.9493
Daily Pivot Point S3	0.9442
Daily Pivot Point R1	0.9601
Daily Pivot Point R2	0.9651
Daily Pivot Point R3	0.968

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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