- USD/CHF gained 0.41% in Wednesday's session, as the pair has rallied on two of the last three trading days.
- Key resistance levels for buyers to regain control include the 50-DMA at 0.8972 and the 200-DMA at 0.9007.
- On the downside, sellers must crack the latest cycle low at 0.8887 to resume the downtrend, with potential targets at 0.8745 and 0.8689.
The USD/CHF climbs towards the 50-day moving average (DMA), finishing Wednesday’s session with gains of 0.41%, though it failed to achieve a daily close above the 50-DMA, leaving the pair exposed to selling pressure. As the Asian session begins, the USD/CHF trades at 0.8966, down a minimal 0.01%.
The major has rallied on two of the last three trading days, registering weekly gains of 0.50%, though it buyers would like to regain control, they must clear key resistance levels above the current exchange rate. Firstly, the 50-DMA at 0.8972, and then the 200-DMA at 0.9007. A decisive break would expose the October 12 high at 0.9088, before the USD/CHF aims to 0.9100.
On the flip side, if USD/CHF sellers want to resume the impending downtrend, they must crack the latest cycle low at 0.8887. Once cleared, the pair could dive toward the key support level at 0.8745, the August 30 low, before heading toward the August 10 swing low of 0.8689.
USD/CHF Price Action – Daily chart
USD/CHF Key Technical Levels
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