USDCHF @ 0.95025 – Support/Resistance analysis: Price Analysis: Advances firmly, reclaims 0.9500

Follow Our Twitter

USDCHF @ 0.95025 – Support/Resistance analysis: Price Analysis: Advances firmly, reclaims 0.9500

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/CHF extends its weekly gains and erases last week’s losses, up by 1%.
• The USD/CHF aims higher and could test the 20-day EMA; otherwise, further losses will extend towards 0.9400.

The pair currently trades last at 0.95025.

The previous day high was 0.9471 while the previous day low was 0.9409. The daily 38.2% Fib levels comes at 0.9448, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9433, expected to provide support.

The USD/CHF climbs for the second straight day, widening the gap between the 200-day EMA and the exchange rate, courtesy of broad US dollar strength, underpinned by high US T-bond yields, in the mid-North American session. At the time of writing, the USD/CHF is trading at 0.9501, up by 0.55%.

The USD/CHF is about to test the top-trendline of a descending channel. It’s worth noting that albeit a successive series of lower highs/lows confirm the pair is in a downtrend, sellers’ failure to capture the 200-day EMA at 0.9431 exposed the pair to buying pressure. Therefore, the USD/CHF edged higher, from around multi-month lows below 0.9400, towards current price levels.

If USD/CHF buyers would like to reclaim control, they need a break above the top trendline of the channel, which also intersects with the 20-day EMA at 0.9549. Once cleared, that would pave the way towards the 100-day EMA at 0.9631, followed by the 50-day EMA at 0.9651.

On the other hand, if the major tumbles and closes below 0.9500, that could pave the way for further losses. Hence, the USD/CHF first support would be the August 16 low at 0.8445, followed by the 200-day EMA at 0.9431 and the MTD low at 0.9370.

USD/CHF Daily chart

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.95 at the time of writing. Pair opened at 0.9465 and is trading with a change of 0.37 % .

The pair is trading below its 20 Daily moving average @ 0.9565, below its 50 Daily moving average @ 0.9662 , below its 100 Daily moving average @ 0.9634 and above its 200 Daily moving average @ 0.9434

The previous day high was 0.9471 while the previous day low was 0.9409. The daily 38.2% Fib levels comes at 0.9448, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9433, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9425, 0.9386, 0.9363
• Pivot resistance is noted at 0.9488, 0.9511, 0.955

[/s2If]