- Continues scaling higher and moves closer to ascending trend-channel resistance.
- Sustained move beyond 0.9960 region will set the stage for further near-term gains.
The USD/CHF pair regained positive traction on Wednesday - marking the fourth day of up-move in the previous five - and climbed fresh six-week tops, around the 0.9945 region post-US PPI.
The pair inched closer to the very importance 200-day SMA, which coincides with the top end of a one-month-old ascending trend-channel and should act as a key pivotal point for bullish traders.
Meanwhile, technical indicators on hourly charts maintained their bullish bias and have just started gaining positive traction on the daily chart, supporting prospects for an eventual bullish breakout.
Hence, a sustained strength above the mentioned confluence barrier – around the 0.9950-65 region - will set the stage for a strong follow-through move towards reclaiming the parity mark.
On the flip side, the 0.9920 horizontal zone now seems to protect the immediate downside, which if broken might trigger some long-unwinding trade and drag the pair back below the 0.9900 handle.
The pullback could then get extended further towards testing the lower end of the ascending trend-channel – around the 0.9815-10 region – with some intermediate support near the 0.9845-40 area.
USD/CHF daily chart
|Today last price||0.9939|
|Today Daily Change||0.0020|
|Today Daily Change %||0.20|
|Today daily open||0.9919|
|Previous Daily High||0.9932|
|Previous Daily Low||0.9889|
|Previous Weekly High||0.993|
|Previous Weekly Low||0.9797|
|Previous Monthly High||0.9976|
|Previous Monthly Low||0.9659|
|Daily Fibonacci 38.2%||0.9905|
|Daily Fibonacci 61.8%||0.9916|
|Daily Pivot Point S1||0.9895|
|Daily Pivot Point S2||0.987|
|Daily Pivot Point S3||0.9852|
|Daily Pivot Point R1||0.9938|
|Daily Pivot Point R2||0.9956|
|Daily Pivot Point R3||0.9981|
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