• The USD/CHF is snapping two consecutive weeks of losses, gaining 1.37%.
  • From the daily chart perspective, the major is headed upwards and will test resistance around 0.9669-75.
  • If USD/CHF buyers conquer 0.9642-50, a move towards 0.9703 is on the cards.

The USD/CHF is surging during the North American session after hitting a daily low early in the Asian session at 0.9538. Still, positive US economic data spurred a jump towards the daily high at 0.9644, shy of the weekly high at 0.9651. At the time of writing, the USD/CHF is trading at 0.9638.

USDCHF Price Analysis: Technical outlook

The USD/CHF daily chart illustrates the pair as upward biased, further reinforced by the Relative Strength Index, crossing above the 50-midline, displaying that buyers are gathering momentum as the exchange rate approaches a substantial resistance area at the confluence of the 20 and 50-day EMAs, in the 0.9660-75. A decisive break would clear the way towards the July 14 daily high at 0.9886.

In the 4-hour scale, the USD/CHF tests the confluence of the 100, 200-EMAs and the R2 daily pivot point, in the 0.9642-52 area, which ounce cleared, could pave the way for the USD/CHF towards the July 22 high at 0.9703. Even though it’s a clouded area, the Relative Strength Index reading at 64 still has some room to spare if buyers step in to push prices higher.

On the other hand, if USD/CHF resistance holds, the major could dip towards the R1 pivot point at 0.9600.

USDCHF Key Technical 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.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *