- On the session, the USD/CHF is down 0.14%, trades around 0.9176.
- The daily chart supports the uptrend.
- In the case of a short correction, price will tend to favor buyers
Daily chart
The price is trading around 0.9170. The daily moving averages stand underneath the spot price, and support moves towards the upside, however, recent price action is moving down.
The low of today’s sessions was 0.9158 which is the confluence of the 38.2% Fibo retracement and the 50-day moving average. Further down around 0.9100 lies the 100-DMA and the 61.8% Fib retracement, where buyers could step in for better prices. Lastly, a test to the 200-DMA at 0.90659 which confluences with the 78.6% Fibo retracement, is also a challenge for sellers.
In regards to the upside, there is a clear path, with 0.9200 as the first resistance, followed by the 0.9245-75 range wherein lies the July 2 high and the August 11 high, and then the 0.9300.
4-hour chart
The pair is in between the 50 and the 200-simple moving averages. The price is trapped inside the 0.9150-0.9200 range, with no trend in place.
A break to the downside opens up a test at 0.9130 where it lies the 100-SMA, the 50% daily Fibo retracement, and an up trendline. Failure to defend that level, then the next support is 0.9100.
On the other hand, a break upwards, the price will challenge the 0.9200. If sellers fail to hold the level, the pair will test the August 11 high at 0.9247, then the July 2 high at 0.9274, and finally the 0.9300 level.
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.
Recommended content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
Bitcoin price reclaims $59K as Fed leaves rates unchanged
The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.