- Analytics
- News and Tools
- Market News
- USD/CHF Price Analysis: Bulls keep reins beyond 0.9700 support confluence
USD/CHF Price Analysis: Bulls keep reins beyond 0.9700 support confluence
- USD/CHF stays mildly bid around weekly low, reverses pullback from two-year high.
- 50-SMA, three-week-long ascending trend line restricts short-term downside.
- Further upside eyes 20-SMA, weekly resistance line ahead of 2020 peak.
USD/CHF reverses the previous day’s pullback from a two-year high as buyers attack 0.9750 heading into Thursday’s European session.
In doing so, the Swiss currency (CHF) pair portrays a recovery from a convergence of an upward sloping trend line from April 12 and 50-SMA, around 0.9700.
Given the firmer RSI, the USD/CHF pair’s recent rebound is likely approaching the 20-SMA level surrounding 0.9770. However, an ascending trend line connecting multiple tops marked since April 28, around 0.9825, will challenge the bull’s dominance.
In a case where USD/CHF rises past 0.9825, the year 2020 high of 0.9900 will be in focus.
Alternatively, a clear downside break of the 0.9700 support confluence won’t hesitate to refresh the weekly low under 0.9670.
Following that, late April’s swing high around 0.9590 and the 0.9500 round figure will be on USD/CHF bear’s radar.
USD/CHF: Four-hour chart
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
