#USDCHF @ 0.96669 -imp levels: holds to its gains above the 50 and 100-DMA.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• USD/CHF holds to its gains above the 50 and 100-DMA.
• The USD/CHF daily chart illustrates the pair as neutral biased.
• In the 4-hour chart, unsuccessfully tests of the 20-EMA on the downside keep the USD/CHF tilted upwards.

The pair currently trades last at 0.96669.

The previous day high was 0.9692 while the previous day low was 0.9603. The daily 38.2% Fib levels comes at 0.9637, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9658, expected to provide support.

USD/CHF advances during the North American session, up by 0.31%, bolstered by a strong US dollar, despite a release of mixed US economic data ahead of the so-awaited Jerome Powell speech at Jackson Hole. At the time of writing, the USD/CHF is trading at 0.9662, above its 50 and 100-day EMAs.

The daily chart illustrates price action in the last couple of days as range-bound, about to form a “bearish-harami” candle pattern, which would pose downward pressure on the major. Nevertheless, the Relative Strength Index (RSI) at 58.65 exerts upward pressure on the pair, meaning that the best way to trade the USD/CHF from a daily chart perspective is to expect a break of the previous high/low and wait for a re-test of the breakout.

The 4-hour chart paints a different picture. The USD/CHF has been advancing steadily since August 11, until Tuesday, when the USD/CHF printed a negative day. Nevertheless, it’s worth noting that the day’s low pierced the 20-EMA of the 4-hour chart, stalling the major’s dive before consolidating for a re-test. Today, the USD/CHF re-tested the previously-mentioned moving average, and for the second consecutive time, USD/CHF buyers lifted prices to current price levels.

However, with the Relative Strength Index (RSI) at 61.73, aiming downwards could keep the USD/CHF risks skewed to the downside. But if the USD/CHF breaks above the August 23 high at 0.9692, that will expose the 0.9700 figure, followed by the R2 daily pivot at 0.9730.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9662 at the time of writing. Pair opened at 0.9638 and is trading with a change of 0.25 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9539, 50 SMA 0.9627, 100 SMA @ 0.9653 and 200 SMA @ 0.9445.

The previous day high was 0.9692 while the previous day low was 0.9603. The daily 38.2% Fib levels comes at 0.9637, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9658, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9597, 0.9555, 0.9507
• Pivot resistance is noted at 0.9686, 0.9734, 0.9775

[/s2If]
Join Our Telegram Group