The USDCHF currency pair is experiencing slight upward movements and facing difficulty in breaking past the 0.8980 level, primarily due to a lack of strong buying activity.

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• USD/CHF records minor gains and struggles to rally past 0.8980 due to weak buying momentum.

The pair currently trades last at 0.89556.

The previous day high was 0.895 while the previous day low was 0.8902. The daily 38.2% Fib levels comes at 0.8931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.892, expected to provide support.

USD/CHF registers minuscule gains as the Asian session begins after printing back-to-back bullish days, though it failed to cement a rally past the 0.8980 area. On Monday, the USD/CHF printed a weekly high at 0.8975 but closed the session at around 0.8950. At the time of writing, the USD/CHF exchanges hands at 0.8957.

From a technical perspective, the USD/CHF is neutral to downward biased, as it stands below the daily Exponential Moving Averages (EMAs). The downtrend shows signs of losing steam, though price action in the last couple of days left two candlesticks with larger wicks above the natural body. This signifies that buyers did not have the strength to hold prices higher, opening the door for further losses.

The USD/CHF first support would be the May 22 low at 0.8940. Break below, and the USD/CHF would dive toward the June 16 daily low at 0.8902 before cracking 0.8900. A breach of the latter will expose the YTD low of 0.8819. Conversely, USD/CHF’s immediate resistance lies at 0.8980, June 9 low, before testing 0.9000.

Oscillators-wise, the Relative Strength Index (RSI) indicator portrays the pair as downward biased, though the three-day Rate of Change depicts buyers who stepped in but failed to break the previous peak.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8961 at the time of writing. Pair opened at 0.894 and is trading with a change of 0.23 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9039, 50 SMA 0.8983, 100 SMA @ 0.9109 and 200 SMA @ 0.9339.

The previous day high was 0.895 while the previous day low was 0.8902. The daily 38.2% Fib levels comes at 0.8931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.892, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8911, 0.8882, 0.8863
• Pivot resistance is noted at 0.8959, 0.8978, 0.9007

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