USD/CHF Price Analysis: Bounces off 0.8720–15 support confluence, focus on US inflation


  • USD/CHF prints the first daily gains in three within one-week-old rising wedge bearish chart pattern.
  • 50-SMA adds strength to 0.8720–15 support amid bearish MACD signals.
  • 200-SMA guards immediate upside ahead of nine-week-old descending resistance line.
  • Multiple troughs marked since mid-July together constitute short-term key support near 0.8565-55.

USD/CHF grinds near the intraday high surrounding 0.8755 as it prints the first daily gain in three heading into Monday’s European session. In doing so, the Swiss Franc (CHF) pair extends the previous day’s rebound from the 50-SMA.

Despite the pair’s latest rebound from the 50-SMA, it portrays a fortnight-old rising wedge bearish chart formation, currently between 0.8715 and 0.8840.

However, the bearish MACD signals and the 200-SMA hurdle of 0.8790 restrict the immediate recovery of the USD/CHF pair.

Even if the USD/CHF bulls manage to cross the 0.8840 hurdle and defy the rising wedge bearish chart pattern, a downward-sloping resistance line from May 31, close to 0.8860 at the latest, will act as the last defense of the sellers.

Meanwhile, a clear downside break of the 0.8720–15 support confluence, encompassing the stated wedge’s lower line and the 50-SMA, will recall the USD/CHF bears.

Following that, a slew of lows marked since July 14, close to 0.8565–55, will be in the spotlight as a break which will direct the Swiss Franc pair towards the theoretical target of the rising wedge confirmation, close to 0.8470.

USD/CHF: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.8746
Today Daily Change 0.0019
Today Daily Change % 0.22%
Today daily open 0.8727
 
Trends
Daily SMA20 0.8684
Daily SMA50 0.8873
Daily SMA100 0.8944
Daily SMA200 0.9155
 
Levels
Previous Daily High 0.8783
Previous Daily Low 0.87
Previous Weekly High 0.8806
Previous Weekly Low 0.8665
Previous Monthly High 0.9005
Previous Monthly Low 0.8552
Daily Fibonacci 38.2% 0.8731
Daily Fibonacci 61.8% 0.8751
Daily Pivot Point S1 0.869
Daily Pivot Point S2 0.8653
Daily Pivot Point S3 0.8607
Daily Pivot Point R1 0.8773
Daily Pivot Point R2 0.8819
Daily Pivot Point R3 0.8856

 

 

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