USD/CHF Price Analysis: Posts slight gains despite bullish hurdles; faces resistance at 0.8980


  • USD/CHF records minor gains and struggles to rally past 0.8980 due to weak buying momentum.
  • Technical indicators point towards a neutral to downward bias, with immediate support at a May 22 low of 0.8940.
  • RSI and three-day Rate of Change indicate downward bias; a fall below 0.8940 could lead to further losses.

USD/CHF registers minuscule gains as the Asian session begins after printing back-to-back bullish days, though it failed to cement a rally past the 0.8980 area. On Monday, the USD/CHF printed a weekly high at 0.8975 but closed the session at around 0.8950. At the time of writing, the USD/CHF exchanges hands at 0.8957.

USD/CHF Price Analysis: Technical outlook

From a technical perspective, the USD/CHF is neutral to downward biased,  as it stands below the daily Exponential Moving Averages (EMAs). The downtrend shows signs of losing steam, though price action in the last couple of days left two candlesticks with larger wicks above the natural body. This signifies that buyers did not have the strength to hold prices higher, opening the door for further losses.

The USD/CHF first support would be the May 22 low at 0.8940. Break below, and the USD/CHF would dive toward the June 16 daily low at 0.8902 before cracking 0.8900. A breach of the latter will expose the YTD low of 0.8819. Conversely, USD/CHF's immediate resistance lies at 0.8980, June 9 low, before testing 0.9000.

Oscillators-wise, the Relative Strength Index (RSI) indicator portrays the pair as downward biased, though the three-day Rate of Change depicts buyers who stepped in but failed to break the previous peak.

USD/CHF Price Action – Daily chart

USD/CHF Daily chart

USD/CHF

Overview
Today last price 0.8961
Today Daily Change 0.0021
Today Daily Change % 0.23
Today daily open 0.894
 
Trends
Daily SMA20 0.9039
Daily SMA50 0.8983
Daily SMA100 0.9109
Daily SMA200 0.9339
 
Levels
Previous Daily High 0.895
Previous Daily Low 0.8902
Previous Weekly High 0.9109
Previous Weekly Low 0.8902
Previous Monthly High 0.9148
Previous Monthly Low 0.882
Daily Fibonacci 38.2% 0.8931
Daily Fibonacci 61.8% 0.892
Daily Pivot Point S1 0.8911
Daily Pivot Point S2 0.8882
Daily Pivot Point S3 0.8863
Daily Pivot Point R1 0.8959
Daily Pivot Point R2 0.8978
Daily Pivot Point R3 0.9007

 

 

 
Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD flat lines around the 0.6565 area after Australian Retail Sales

AUD/USD flat lines around the 0.6565 area after Australian Retail Sales

AUD/USD moves little following the release of softer Australian Retail Sales figures and languishes near its lowest level since August 8 touched on Wednesday. A slight deterioration in the global risk sentiment, along with the underlying bullish sentiment surrounding the USD, offsets hawkish RBA expectations and acts as a headwind for the Aussie. 

AUD/USD News
USD/JPY extends the range play below multi-month top ahead of BoJ

USD/JPY extends the range play below multi-month top ahead of BoJ

USD/JPY remains below a three-month high touched earlier this week as traders seem reluctant ahead of the crucial BoJ policy decision later this Thursday. The cautious market mood underpins the safe-haven JPY, which seemed unaffected by mixed Japanese economic data and exerts some pressure on the pair amid subdued USD price action.

USD/JPY News
Gold price remains close to record high amid US election jitters, geopolitical risks

Gold price remains close to record high amid US election jitters, geopolitical risks

Gold price edges lower during the Asian session on Thursday amid a further rise in the US Treasury bond yields. Any meaningful corrective decline still seems elusive in the wake of the US political uncertainty and Middle East tensions, which might continue to benefit the safe-haven precious metal.

Gold News
Bank of Japan set to hold interest rates steady as rising inflation points to year-end hike

Bank of Japan set to hold interest rates steady as rising inflation points to year-end hike

The Bank of Japan is widely expected to maintain its short-term interest rate at around 0.25%, following the conclusion of its two-day monetary policy review on Thursday. The BoJ decision will be accompanied by the bank’s quarterly outlook report, which will be released at around 3:00 GMT.

Read more
German economy surprises in the third quarter

German economy surprises in the third quarter

The German economy avoided a technical recession in the third quarter, showing unexpected growth. However, this does not change the fact that the economy remains stuck in stagnation.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures