#USDCHF @ 0.96355 -imp levels: exchanges hands under its opening price, despite recovering from daily lows.

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• USD/CHF exchanges hands under its opening price, despite recovering from daily lows.
• The USD/CHF is range-bound through a break of the top of the range will pave the way above the 0.9700 figure; otherwise, a fall towards 0.9550 is on the cards.

The pair currently trades last at 0.96355.

The previous day high was 0.9688 while the previous day low was 0.9608. The daily 38.2% Fib levels comes at 0.9657, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9638, expected to provide resistance.

The USD/CHF drops into negative territory after refreshing five-week highs around 0.9650s, courtesy of broad US dollar weakness across the board, amidst an upbeat market mood. After hitting a daily high at 0.9626, the USD/CHF dived below the 50-day EMA at 0.9612, the day’s lows, before jumping to current price levels. At the time of writing, the USD/CHF trades at 0.9645, below its opening price.

A bearish-harami candle chart pattern emerged in the USD/CHF daily chart. Even though the pattern has bearish implications, oscillators and moving averages (MAs) portray the opposite. Albeit the RSI has a downslope, it remains in positive territory. Meanwhile, all the daily Exponential Moving Averages are below the USD/CHF spot price, suggesting that buyers are in charge.

In the near term, the USD/CHF one-hour chart depicts the pair as range-bound within the 0.9603-0.9692 area for the last three days. Further confirmation of the previously mentioned is that the 20, 50, and 100 exponential moving averages (EMAs), are located within the 0.9632-46 area. Also, the Relative Strength Index (RSI) at 52 is almost flat.

Therefore, if the USD/CHF breaks above the range, the first resistance would be the 0.9700 figure. Once cleared, the next resistance would be the R2 daily pivot at 0.9733, followed by 0.9800. On the flip side, the USD/CHF first support would be the 0.9600 mark, followed by the confluence of the 200-EMA and the S2 pivot at 0.9570, and then the August 19 daily low at 0.9553.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9646 at the time of writing. Pair opened at 0.9666 and is trading with a change of -0.21 % .

The pair is trading above its 20 Daily moving average @ 0.9543, above its 50 Daily moving average @ 0.9622 , below its 100 Daily moving average @ 0.9656 and above its 200 Daily moving average @ 0.9447

The previous day high was 0.9688 while the previous day low was 0.9608. The daily 38.2% Fib levels comes at 0.9657, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9638, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.962, 0.9574, 0.954
• Pivot resistance is noted at 0.97, 0.9734, 0.978

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