USD/CHF Price Analysis: Triple-top in the hourly chart emerges, targets 0.9660

USD/CHF remains subdued for five consecutive trading days, eyeing a break of the 0.9861 weekly high.
A triple-top chart pattern in the USD/CHF hourly chart could pave the way towards 0.9660.

Christian Borjon Valencia FXStreet

The USD/CHF barely advances as the Asian session begins, up by 0.09%, consolidating in the 0.9765-0.9860 range for the fifth straight trading session. At the time of writing, the USD/CHF is trading at 0.9848, above its opening price, after hitting the respective weekly low and high, at 0.9765-0-9861, on Tuesday.

USD/CHF Price Analysis: Technical outlook

The USD/CHF is subdued, though exchanges hands below the weekly high. The Relative Strength Index (RSI), albeit near overbought conditions, suggests that buyers remain in control of the price action. A break above 0.9861 would exacerbate a move towards the July 14 daily high at 0.9886 before testing the 0.9900 psychological level. Once broken, the next stop would be parity.

Short term, the USD/CHF four-hour chart depicts a triple-top formation, meaning that further downside pressure is expected. To validate the pattern, the USD/CHF needs to break below the “neckline” at 0.9765, exacerbating a move towards the triple-top 100-pip target at 0.9660.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9848
Today Daily Change	0.0048
Today Daily Change %	0.49
Today daily open	0.9796

Trends
Daily SMA20	0.9615
Daily SMA50	0.9639
Daily SMA100	0.9686
Daily SMA200	0.9464

Levels
Previous Daily High	0.9838
Previous Daily Low	0.9795
Previous Weekly High	0.9861
Previous Weekly Low	0.9658
Previous Monthly High	0.9808
Previous Monthly Low	0.9371
Daily Fibonacci 38.2%	0.9812
Daily Fibonacci 61.8%	0.9822
Daily Pivot Point S1	0.9782
Daily Pivot Point S2	0.9767
Daily Pivot Point S3	0.9739
Daily Pivot Point R1	0.9824
Daily Pivot Point R2	0.9852
Daily Pivot Point R3	0.9867

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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