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- USD/CHF Price Analysis: Bounces off weekly low, tests 50-DMA after upbeat US data
USD/CHF Price Analysis: Bounces off weekly low, tests 50-DMA after upbeat US data
- USD/CHF registers solid gains, bouncing from a weekly low of 0.8878 to trade at 0.8936.
- A breach of the 50-DMA at 0.5965 could test the 200-DMA at 0.9009.
- First support levels are at 0.8900, and the October 23 swing low of 0.8878, with further support at 0.8819 and 0.8800.
The USD/CHF advances steadily, registering solid gains of 0.33%, after bouncing from a weekly low of 0.8878. Upbeat data from the United States (US) strengthened the Greenback and lifted the major past the 0.8900 figure, currently exchanging hands at 0.8936.
From a daily chart perspective, after dropping below the 50-day moving average (DMA) at 0.5965, the downtrend remains intact unless USD/CHF breaches the latter, which could put into play a test of the 200-DMA at 0.9009. Once cleared, the USD/CHF could aim toward 0.9100.
Conversely, and the path of least resistance, the USD/CHF first support would be 0.8900, followed by the October 23 swing low of 0.8878. IF sellers reclaim those levels, the next stop would be the August 30 swing low of 0.8819, ahead of the 0.8800 mark.
USD/CHF Price Action – Daily chart
USD/CHF Technical Levels
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