- USD/CHF is trading in a bear channel.
- USD/CHF bulls are attempting to create a bull reversal day at the lower end of the channel. Since the main trend is bearish, the bulls will have to break above Thursday’s high in order to generate enough momentum to reach 0.9750 (August 28 low).
- Since the main trend is to downside the bull move can be very short-lived.
Spot rate: 0.9710
Relative change: -0.05%
High: 0.9717
Low: 0.9685
Main trend: Bearish
Short-term trend: Bullish above 0.9716 (current August 30 high)
Resistance 1: 0.9716 current August 30 high
Resistance 2: 0.9745, August 28 low
Resistance 3: 0.9788 June 7 swing low (key level)
Resistance 4: 0.9807 August 22 low
Resistance 5: 0.9820 August 25 low
Support 1: 0.9707 current August 29 low
Support 2: 0.9649 April 6 high
Support 3: 0.9600 figure
Support 4: 0.9580 April 17 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD extends downside to near 1.0850, with all eyes on ECB rate decision
The EUR/USD pair extends its decline to near 1.0850 during the early Asian session on Thursday. The further upside of the Greenback exerts some selling pressure on the major pair. Investors will closely monitor the European Central Bank monetary policy meeting, which is expected to lower interest rates again on Thursday.
GBP/USD seems vulnerable below 1.3000, its lowest level since August 20
GBP/USD consolidates Wednesday’s softer UK CPI-inspired fall to over a two-month low. Bets for a BoE rate cut in November weigh on the GBP and the major amid a bullish USD. Hopes for a less aggressive Fed policy easing favor the USD bulls ahead of the US data.
Gold looks to $2,700 after Wednesday’s close above $2,670
Gold price is consolidating gains near record highs in Asian trading on Thursday, trading in the green for the third day in a row. Gold buyers now look to the US Retail Sales data for the next push higher.
ECB to cut rates by 25bp, any sign of worry about growth outlook could see faster rate cuts
Markets are more-or-less fully pricing in a 25 basis point cut this week, which means that the decision itself is unlikely to have any real impact on the common currency. Attention will be on the signalling within the bank’s communications.
Another unconvincing policy briefing fails to inspire confidence
Chinese authorities are playing the long game, trying to keep investors focused on the bigger picture, multiple stimulus measures spread out over time, with a bit of subtle bid support from state-backed institutions.
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.