USD/CHF Technical Analysis: Hovering below the parity level

USD/CHF is struggling to find a clear direction on Wednesday as the pair is trading between 0.9940 and 0.9970 resistance.
USD/CHF bulls objective is to reclaim the daily highs in order to reach the parity level and beyond while bears want to breakout below the 0.9920/25 area in order to create bearish momentum in the market.
The overall bullish momentum is slightly slowing down as Wednesday attempt to breakout above parity didn’t surpass Monday’s attempt.

Flavio Tosti Independent Analyst

USD/CHF 15-minute chart

USD/CHF daily chart

Spot rate: 0.9944
Relative change: -0.13%
High: 0.9972
Low: 0.9937

Trend: Bullish / Bearish below 0.9920

Resistance 1: 0.9950 figure
Resistance 2: 0.9960-0.9970 area, supply level and July 27 high
Resistance 3: 0.9989-1.0000 area, June 15 high and parity
Resistance 4: 1.0043-1.0069 area, July 19 high and current 2018 high
Resistance 5: 1.0170 March 7, 2017 high
Resistance 6: 1.0343 December 15, 2016

Support 1 0.9920/25 area, August 3 low and daily 50 simple moving average
Support 2: 0.9900 figure
Support 3: 0.9867 July 31 low
Support 4: 0.9856 June 25 low
Support 5: 0.9788 June 7 swing low

Author

Flavio Tosti

Independent Analyst

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