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USD/CHF Price Analysis: Grinds lower past 0.8970 resistance confluence

  • USD/CHF takes offers to reverse the week-start gains, mildly offered of late.
  • Convergence of 100 and 200-EMA restricts immediate upside within three-week-old bullish channel.
  • Ascending support line from June 26 restricts immediate downside.

USD/CHF holds lower ground near 0.8960 as it reverses the week-start rebound amid a sluggish Asian session on Tuesday. In doing so, the Swiss Franc (CHF) pair remains pressured below a convergence of the 100 and 200 Exponential Moving Averages (EMA).

Adding strength to the downside bias are the bearish MACD signals and steady RSI (14) line.

However, a one-week-old rising support line, near 0.8945 by the press time, restricts the immediate downside of the USD/CHF pair.

Following that, the aforementioned three-week-old rising trend channel’s bottom line, close to 0.8920 at the latest, holds the key to the pair’s further downside.

In a case where the Swiss Franc pair defies the bullish chart formation by breaking the 0.8920 support, the previous monthly low of around 0.8910 may act as an extra filter toward the south before directing the USD/CHF bears to the yearly low marked in May ear 0.8820.

On the contrary, a clear upside break of the 100 and 200 EMAs, around 0.8970, could quickly propel the USD/CHF price to the 0.9000 psychological magnet. However, the aforementioned bullish channel’s top line, close to 0.9020 as we write, can prod the pair buyers afterward.

Overall, USD/CHF is likely to improve gradually but the short-term pullback can’t be ruled out.

USD/CHF: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price 0.8959
Today Daily Change -0.0004
Today Daily Change % -0.04%
Today daily open 0.8963
 
Trends
Daily SMA20 0.8989
Daily SMA50 0.8983
Daily SMA100 0.9082
Daily SMA200 0.93
 
Levels
Previous Daily High 0.9005
Previous Daily Low 0.8941
Previous Weekly High 0.9017
Previous Weekly Low 0.8912
Previous Monthly High 0.912
Previous Monthly Low 0.8902
Daily Fibonacci 38.2% 0.898
Daily Fibonacci 61.8% 0.8965
Daily Pivot Point S1 0.8934
Daily Pivot Point S2 0.8906
Daily Pivot Point S3 0.8871
Daily Pivot Point R1 0.8998
Daily Pivot Point R2 0.9033
Daily Pivot Point R3 0.9061

 

 

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