The USD/CHF pair, currently trading at 0.87442, has halted its four-day trend of gains due to uncertainty in the market caused by a volatile US Dollar. According to analysts at @nehcap, they anticipate more potential for upward movement.

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• USD/CHF pauses four-day winning streak amid market’s indecision amid dicey US Dollar.

The pair currently trades last at 0.87442.

The previous day high was 0.8778 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8753, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8737, expected to provide support.

USD/CHF stabilizes near 0.8750 as bulls run out of steam after ruling for four consecutive days ahead of Wednesday’s European session. The Swiss Franc (CHF) pair’s latest inaction could be linked to the market’s struggle to justify the US credit rating downgrade as bankers and White House officials turn down the fears of witnessing any major negatives from the Fitch Ratings’ move.

Also read: US Dollar Index: DXY ignores softer yields to reclaim 102.00 as sentiment sours on US credit rating cut

Apart from the sluggish US Dollar, the steady RSI (14) also prods the USD/CHF bulls. However, an upward-sloping trend channel formation established since Friday, currently between 0.8790 and 0.8700, keeps the pair buyers hopeful.

Even so, the impending bull cross on the MACD and the quote’s successful trading beyond the key moving averages, as well as the aforementioned bullish channel, underpins upside bias for the USD/CHF pair.

That said, a convergence of an ascending trend line from Monday and the 50-Hour Moving Average (HMA), around 0.8730 at the latest, restricts the Swiss Franc pair’s immediate downside.

Following that, the 100-HMA and the stated channel’s bottom line, close to the 0.8700 round figure by the press time, could act as the final defense of the USD/CHF buyers.

In a case where the USD/CHF bears dominate past 0.6700, the odds of witnessing a slump toward the yearly low marked the last week around 0.8550 can’t be ruled out.

On the contrary, an upside break of the channel’s top line, close to 0.8790, needs validation from the 0.8800 round figure to help the USD/CHF bulls in challenging May’s bottom of around 0.8820 and dominate afterward.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8743 at the time of writing. Pair opened at 0.8753 and is trading with a change of -0.11% % .

The pair is trading above its 20 Daily moving average @ 0.8713, below its 50 Daily moving average @ 0.8892 , below its 100 Daily moving average @ 0.896 and below its 200 Daily moving average @ 0.9173

The previous day high was 0.8778 while the previous day low was 0.8712. The daily 38.2% Fib levels comes at 0.8753, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8737, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8718, 0.8682, 0.8652
• Pivot resistance is noted at 0.8783, 0.8813, 0.8848

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