USD/CHF Price Analysis: Subdued around 0.9635, despite forming a bearish-harami candle pattern

USD/CHF exchanges hands under its opening price, despite recovering from daily lows.
The USD/CHF is range-bound through a break of the top of the range will pave the way above the 0.9700 figure; otherwise, a fall towards 0.9550 is on the cards.

Christian Borjon Valencia FXStreet

The USD/CHF drops into negative territory after refreshing five-week highs around 0.9650s, courtesy of broad US dollar weakness across the board, amidst an upbeat market mood. After hitting a daily high at 0.9626, the USD/CHF dived below the 50-day EMA at 0.9612, the day’s lows, before jumping to current price levels. At the time of writing, the USD/CHF trades at 0.9645, below its opening price.

USD/CHF Price Analysis: Technical outlook

A bearish-harami candle chart pattern emerged in the USD/CHF daily chart. Even though the pattern has bearish implications, oscillators and moving averages (MAs) portray the opposite. Albeit the RSI has a downslope, it remains in positive territory. Meanwhile, all the daily Exponential Moving Averages are below the USD/CHF spot price, suggesting that buyers are in charge.

In the near term, the USD/CHF one-hour chart depicts the pair as range-bound within the 0.9603-0.9692 area for the last three days. Further confirmation of the previously mentioned is that the 20, 50, and 100 exponential moving averages (EMAs), are located within the 0.9632-46 area. Also, the Relative Strength Index (RSI) at 52 is almost flat.

Therefore, if the USD/CHF breaks above the range, the first resistance would be the 0.9700 figure. Once cleared, the next resistance would be the R2 daily pivot at 0.9733, followed by 0.9800. On the flip side, the USD/CHF first support would be the 0.9600 mark, followed by the confluence of the 200-EMA and the S2 pivot at 0.9570, and then the August 19 daily low at 0.9553.

USD/CHF Key Technical

USD/CHF

Overview
Today last price	0.9646
Today Daily Change	-0.0020
Today Daily Change %	-0.21
Today daily open	0.9666

Trends
Daily SMA20	0.9543
Daily SMA50	0.9622
Daily SMA100	0.9656
Daily SMA200	0.9447

Levels
Previous Daily High	0.9688
Previous Daily Low	0.9608
Previous Weekly High	0.9598
Previous Weekly Low	0.9409
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9657
Daily Fibonacci 61.8%	0.9638
Daily Pivot Point S1	0.962
Daily Pivot Point S2	0.9574
Daily Pivot Point S3	0.954
Daily Pivot Point R1	0.97
Daily Pivot Point R2	0.9734
Daily Pivot Point R3	0.978

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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