The USDCHF pair, currently valued at 0.87956, has been maintaining a strong position for the past six days and is holding onto slight gains recently. According to the viewpoint of the analyst @nehcap, there is an anticipation of further upward movement.

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• USD/CHF remains on the front foot for the sixth consecutive day, clings to mild gains of late.

The pair currently trades last at 0.87956.

The previous day high was 0.8806 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8772, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8752, expected to provide support.

USD/CHF sticks to mild gains around 0.8785-90 as it justifies downbeat Swiss Inflation data for July heading into Thursday’s European session. In doing so, the Swiss Franc (CHF) pair also takes clues from the firmer US Dollar, as well as a cautious mood, ahead of the US ISM Services PMI.

That said, the Swiss Consumer Price Index (CPI) matches market forecasts by rising 1.6% YoY in July versus 1.7% previous readings. The monthly readings, however, edge lower to -0.1% from 0.1% prior and -0.2% market forecasts.

Technically, the successful break of the 21-DMA and bullish MACD signals keep USD/CHF buyers hopeful of poking May’s bottom of around 0.8820.

However, a convergence of the 50-DMA and a downward-sloping resistance line from May 31, close to 0.8880 by the press time, appears a tough nut to crack for the Swiss Franc (CHF) pair buyers.

Following that, June’s bottom surrounding 0.8900 will act as the last defense of the sellers.

On the contrary, a daily closing beneath the 21-DMA level of 0.8706 needs validation from the 0.8700 round figure encompassing the late July swing high.

Should the USD/CHF bears dominate past 0.8700, a 12-day-long horizontal support zone near 0.8560 and a six-month-old descending support line, near 0.8535 as we write, will challenge the sellers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.879 at the time of writing. Pair opened at 0.8775 and is trading with a change of 0.17% % .

The pair is trading above its 20 Daily moving average @ 0.8702, below its 50 Daily moving average @ 0.8886 , below its 100 Daily moving average @ 0.8955 and below its 200 Daily moving average @ 0.9167

The previous day high was 0.8806 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8772, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8752, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8727, 0.8678, 0.8639
• Pivot resistance is noted at 0.8815, 0.8854, 0.8903

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