Market news
07.09.2022, 17:15

USD/CHF Price Analysis: Pullbacks from weekly highs, as a triple-top emerges in the H4

  • USD/CHF retraces from weekly highs and dives below the 0.9800 figure due to a risk-on impulse.
  • A triple-top chart pattern in the 4-hour chart keeps the USD/CHF under some selling pressure, targeting a fall to 0.9660.

USD/CHF slides from weekly highs reached at around 0.9869 on Wednesday, despite risk appetite improving, which usually benefits riskier assets during the day. The USD/CHF is trading at 0.9783, below its opening price, by 0.51%.

USD/CHF Price Analysis: Technical outlook

The USD/CHF is pulling back after reaching a solid weekly high at around 0.9869, set during the overlap of the Asian/European session, courtesy of market sentiment shifting sour. Nevertheless, as the North American session progressed, investors’ mood improved, as seen by US equities trading in the green.

In the USD/CHF case, the Swiss Franc strength dragged prices lower, so far clearing on its way south the 0.9800 figure.

Short term, the USD/CHF four-hour chart, illustrates a formation of a triple-top chart pattern, and so far, the major is retreating from weekly high levels, approaching the “neckline” around the 0.9766 area. A decisive breach of the latter could send the major tumbling towards the triple-top measured target at 0.9660, but first, it will need to overcome some hurdles on its way south.

The USD/CHF first support would be the bottom-trend line of an ascending channel drawn since August 11, around 0.9720, followed by the 0.9700 figure, followed by the 100-EMA at 0.9680.

USD/CHF Key Technical Levels

 

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location