ANALYSIS:USD/CHF technical analysis: Short-term bias remains in favour of bullish traders

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USD/CHF technical analysis: Short-term bias remains in favour of bullish traders

  • The USD/CHF pair traded with a mild negative bias through the early European session on Monday, albeit showed some resilience below the 0.9900 handle.
  • Given Friday’s breakthrough a three-day-old trading range, the set-up remains in favour of bullish traders and support prospects for a further appreciating move.

The fact that the pair has managed to hold comfortably above important intraday moving averages – 100 & 200-hour SMA, add credence to the near-term constructive outlook amid tempered expectations for aggressive Fed rate cuts.

Meanwhile, technical indicators on hourly charts maintained their bullish bias and have just started gaining traction on the daily chart, albeit deteriorating risk sentiment might turn out to be the only factor capping any strong gains.

Immediate resistance is now pegged near the 0.9950-55 horizontal zone, above which the pair is likely to accelerate the up-move further towards the very important 200-day SMA – currently near the 0.9980 region, en-route the parity mark.

On the flip side, any meaningful pullback below the 0.9900 handle might still be seen as a buying opportunity and hence, limit any further downside near the trading range resistance breakpoint, now turned support near the 0.9875-70 region.

 

USD/CHF

Overview
Today last price 0.9912
Today Daily Change -0.0004
Today Daily Change % -0.04
Today daily open 0.9916
Trends
Daily SMA20 0.9869
Daily SMA50 0.9996
Daily SMA100 1.0014
Daily SMA200 0.9982
Levels
Previous Daily High 0.9932
Previous Daily Low 0.9843
Previous Weekly High 0.9932
Previous Weekly Low 0.978
Previous Monthly High 1.0017
Previous Monthly Low 0.9693
Daily Fibonacci 38.2% 0.9898
Daily Fibonacci 61.8% 0.9877
Daily Pivot Point S1 0.9862
Daily Pivot Point S2 0.9808
Daily Pivot Point S3 0.9773
Daily Pivot Point R1 0.9951
Daily Pivot Point R2 0.9986
Daily Pivot Point R3 1.004
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