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- USD/CHF Price Analysis: Triple-top in the hourly chart emerges, targets 0.9660
USD/CHF Price Analysis: Triple-top in the hourly chart emerges, targets 0.9660
- USD/CHF remains subdued for five consecutive trading days, eyeing a break of the 0.9861 weekly high.
- A triple-top chart pattern in the USD/CHF hourly chart could pave the way towards 0.9660.
The USD/CHF barely advances as the Asian session begins, up by 0.09%, consolidating in the 0.9765-0.9860 range for the fifth straight trading session. At the time of writing, the USD/CHF is trading at 0.9848, above its opening price, after hitting the respective weekly low and high, at 0.9765-0-9861, on Tuesday.
USD/CHF Price Analysis: Technical outlook
The USD/CHF is subdued, though exchanges hands below the weekly high. The Relative Strength Index (RSI), albeit near overbought conditions, suggests that buyers remain in control of the price action. A break above 0.9861 would exacerbate a move towards the July 14 daily high at 0.9886 before testing the 0.9900 psychological level. Once broken, the next stop would be parity.
Short term, the USD/CHF four-hour chart depicts a triple-top formation, meaning that further downside pressure is expected. To validate the pattern, the USD/CHF needs to break below the “neckline” at 0.9765, exacerbating a move towards the triple-top 100-pip target at 0.9660.
USD/CHF Key Technical Levels
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