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- The USD/CHF trades near 6-week high
The USD/CHF trades near 6-week high
Yesterday the USD/CHF traded higher and closed the day in positive territory near the price of Chf0.9740. Today it was trading in a narrow range of Chf0.9730-45, staying close to the 6-week high. On the hourly chart, USD/CHF is still trading above the moving average line MA (200) H1 (Chf0.9645). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USD/CHF remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
Resistances levels are at: Chf0.9760, Chf0.9785, Chf0.9820
Support levels are at: Chf0.9660-65, Chf0.9625, Chf0.9570-75
Probably, the main scenario is a subsequent rise towards Chf0.9760 (Aug 30 high).
An alternative scenario is a consolidation below the MA 200 H1 level, followed by a fall towards Chf0.9485 (Aug 17 low).
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