USD/CHF Price Analysis: Stretches post-SNB advances toward 0.8980 resistance confluence

USD/CHF picks up bids to refresh intraday high, extends post-SNB run-up amid downbeat market sentiment.
Convergence of 50-SMA, fortnight-old descending trend line challenges Swiss Franc (CHF) sellers.
200-SMA acts as an extra filter towards the north; pair sellers need validation from seven-week-old rising support line.

Anil Panchal FXStreet

USD/CHF holds onto the previous day’s bullish bias while refreshing the intraday top near 0.8970 amid early Friday morning. In doing so, the Swiss Franc (CHF) pair portrays the failure to cheer the Swiss National Bank’s (SNB) rate hike as sour sentiment underpins the US Dollar.

Also read: S&P500 Futures retreat towards 4,400, yields grind higher as central banks fuel recession woes

As a result, the major currency pair jostles with the key upside hurdle surrounding 0.8980, comprising the 50-SMA and a downward-sloping resistance line from June 12.

It’s worth noting that the USD/CHF pair’s successful rebound from a seven-week-long rising support line joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to depict the buyer’s ability to cross the immediate resistance near 0.8980.

Following that, the 0.9000 psychological magnet and the 200-SMA hurdle of 0.9010 will act as extra checks for the USD/CHF bulls before directing them toward the monthly high of near 0.9120.

On the flip side, the intraday bottom of around 0.8945 acts as immediate support for the USD/CHF pair to watch during the quote’s pullback.

However, the sellers remain off the table unless the pair trades above the previously mentioned support line, close to 0.8910 at the latest.

In a case where the USD/CHF breaks the 0.8910 support, the 0.8900 round figure may act as a validation point for the pair’s downside towards the previous monthly low of around 0.8820.

USD/CHF: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.8969
Today Daily Change	0.0022
Today Daily Change %	0.25%
Today daily open	0.8947

Trends
Daily SMA20	0.9025
Daily SMA50	0.8979
Daily SMA100	0.9101
Daily SMA200	0.9327

Levels
Previous Daily High	0.8973
Previous Daily Low	0.8907
Previous Weekly High	0.9109
Previous Weekly Low	0.8902
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.8948
Daily Fibonacci 61.8%	0.8932
Daily Pivot Point S1	0.8912
Daily Pivot Point S2	0.8877
Daily Pivot Point S3	0.8846
Daily Pivot Point R1	0.8977
Daily Pivot Point R2	0.9008
Daily Pivot Point R3	0.9043

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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