USDCHF Price Analysis: Trims last week’s losses, eyeing 0.9600

The USDCHF is set to end the week with gains of more than 1%, but the bias is bearish.
Short term, the USDCHF bottomed around 0.9350-0.9450, with buyers eyeing 0.9600.

Christian Borjon Valencia FXStreet

The USDCHF advances for the fifth straight day after tumbling in the last week by more than 5% after a softer-than-expected US inflation report. However, hawkish commentary by Federal Reserve (Fed) officials throughout the week bolstered the US Dollar (USD) to the detriment of the Swiss Franc (CHF). At the time of writing, the USDCHF is trading at 0.9536, above its opening price by 0.26%.

USDCHF Price Analysis: Technical outlook

The USDCHF daily chart portrays the pair as downward biased. Based on last week’s price action, the USDCHF plunged below the 50, 100, and 200-day Exponential Moving Averages (EMAs), while the Relative Strength Index (RSI) pushed all the way down toward oversold conditions.

Once the USDCHF reached a fresh multi-month low of around 0.9356, price action formed a candlestick hammer, and since then, the major rallied towards the current exchange rate. Nevertheless, the bias remains intact, as the RSI exited from oversold conditions but remains at bearish territory.

Short term, the USDCHF 4-hour chart displays the major bottom around the 0.9350-0.9480 area. On Thursday, the USDCHF broke upwards, reaching a weekly high of 0.9557, but the major is consolidating around the 0.9500-0.9559 area. If the USDCHF clears the top, the next resistance would be 0.9600, followed by the November 11 daily high at 0.9681, ahead of 0.9700.

USDCHF Key support levels lie at the psychological 0.9500 figure. A breach of the latter would expose the November 17 daily low at 0.9432, followed by the November monthly low around 0.9356.

USDCHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9538
Today Daily Change	0.0019
Today Daily Change %	0.20
Today daily open	0.9519

Trends
Daily SMA20	0.9814
Daily SMA50	0.9822
Daily SMA100	0.9737
Daily SMA200	0.9628

Levels
Previous Daily High	0.9558
Previous Daily Low	0.9433
Previous Weekly High	0.9988
Previous Weekly Low	0.9398
Previous Monthly High	1.0148
Previous Monthly Low	0.9781
Daily Fibonacci 38.2%	0.951
Daily Fibonacci 61.8%	0.9481
Daily Pivot Point S1	0.9449
Daily Pivot Point S2	0.9379
Daily Pivot Point S3	0.9324
Daily Pivot Point R1	0.9573
Daily Pivot Point R2	0.9628
Daily Pivot Point R3	0.9698

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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