The USDCHF has risen above an important support level at 0.87805 as traders anticipate the release of the FOMC meeting minutes. Nehcap predicts that the currency pair will continue to move higher.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/CHF edges higher past key support confluence as markets await FOMC Minutes.

The pair currently trades last at 0.87805.

The previous day high was 0.8797 while the previous day low was 0.8744. The daily 38.2% Fib levels comes at 0.8777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8764, expected to provide support.

USD/CHF stays defensive around 0.8780 as it struggles to keep the five-week uptrend heading into Wednesday’s European session. That said, the Swiss Franc (CHF) pair’s latest inaction could be linked to the market’s cautious mood ahead of the Federal Open Market Committee’s (FOMC) latest Monetary Policy Meeting Minutes.

Technically, a downward-sloping resistance line from May 31, close to 0.8820 by the press tie, also challenges the USD/CHF buyers even if the quote manages to keep the previous week’s breakout of the 200-SMA. In doing so, the major currency pair also fails to justify the upbeat RSI (14) line, not overbought.

With this, the USD/CHF is likely to portray another attempt in crossing the 0.8820 hurdle, a break of which could propel the prices toward the mid-June swing low of surrounding 0.8900.

However, the 50% and 61.8% Fibonacci retracement of its May-July downside, respectively near 0.5580 and 0.8920, will act as the additional upside filters to watch.

On the contrary, a convergence of the 200-SMA and three-week-long ascending trend line highlights 0.8745 as the short-term key support.

In a case where the Fed Minutes disappoint the US Dollar bulls and drag the USD/CHF price below the 0.8745 support confluence, the odds of witnessing a slump towards the 0.8700 round figure and them to the multi-year low marked the last month around 0.8550 can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8785 at the time of writing. Pair opened at 0.8784 and is trading with a change of 0.01% % .

The pair is trading above its 20 Daily moving average @ 0.8716, below its 50 Daily moving average @ 0.8831 , below its 100 Daily moving average @ 0.8913 and below its 200 Daily moving average @ 0.9113

The previous day high was 0.8797 while the previous day low was 0.8744. The daily 38.2% Fib levels comes at 0.8777, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8764, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8754, 0.8723, 0.8701
• Pivot resistance is noted at 0.8806, 0.8827, 0.8858

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...