The USD/CHF currency pair, trading at 0.89675, has received buy orders that have pushed it to achieve a new high for the day. This increase has continued from its previous surge post the Swiss National Bank’s decision, despite negative market sentiment. In the opinion of @nehcap, more upward movement for this currency pair is anticipated.

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• USD/CHF picks up bids to refresh intraday high, extends post-SNB run-up amid downbeat market sentiment.

The pair currently trades last at 0.89675.

The previous day high was 0.8973 while the previous day low was 0.8907. The daily 38.2% Fib levels comes at 0.8948, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.

USD/CHF holds onto the previous day’s bullish bias while refreshing the intraday top near 0.8970 amid early Friday morning. In doing so, the Swiss Franc (CHF) pair portrays the failure to cheer the Swiss National Bank’s (SNB) rate hike as sour sentiment underpins the US Dollar.

Also read: S&P500 Futures retreat towards 4,400, yields grind higher as central banks fuel recession woes

As a result, the major currency pair jostles with the key upside hurdle surrounding 0.8980, comprising the 50-SMA and a downward-sloping resistance line from June 12.

It’s worth noting that the USD/CHF pair’s successful rebound from a seven-week-long rising support line joins the bullish MACD signals and upbeat RSI (14) line, not overbought, to depict the buyer’s ability to cross the immediate resistance near 0.8980.

Following that, the 0.9000 psychological magnet and the 200-SMA hurdle of 0.9010 will act as extra checks for the USD/CHF bulls before directing them toward the monthly high of near 0.9120.

On the flip side, the intraday bottom of around 0.8945 acts as immediate support for the USD/CHF pair to watch during the quote’s pullback.

However, the sellers remain off the table unless the pair trades above the previously mentioned support line, close to 0.8910 at the latest.

In a case where the USD/CHF breaks the 0.8910 support, the 0.8900 round figure may act as a validation point for the pair’s downside towards the previous monthly low of around 0.8820.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8969 at the time of writing. Pair opened at 0.8947 and is trading with a change of 0.25% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9025, 50 SMA 0.8979, 100 SMA @ 0.9101 and 200 SMA @ 0.9327.

The previous day high was 0.8973 while the previous day low was 0.8907. The daily 38.2% Fib levels comes at 0.8948, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8932, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8912, 0.8877, 0.8846
• Pivot resistance is noted at 0.8977, 0.9008, 0.9043

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