Thursday, June 1, 2023
HomeUncategorizedUSD/CHF price analysis: hovering at the top of the 0.9600-0.9660 range, focusing...

USD/CHF price analysis: hovering at the top of the 0.9600-0.9660 range, focusing on 0.9700

  • USD/CHF bounced off weekly lows to end the week with a 0.73% gain.
  • On the daily chart, USD/CHF has nowhere to go; it may continue Consolidate.
  • In the near term, the USD/CHF symmetrical triangle 4-hour chart targets 0.9767.

USD/CHF staged in the US Federal Reserve Chairman Jay USD/CHF targeted the 100-day moving average following Rom Powell’s hawkish comments, recovering after hitting a weekly low near 0.9577 earlier in the day and was on the verge of erasing Thursday’s losses. USD/CHF was trading at 0.9659, up nearly 0.20%.

USD/CHF Price Analysis: Technical Outlook

Daily chart consolidation will keep USD/CHF trading in the 0.9600-0.9690 range as indicated by this week’s price action . Notably, the support/resistance levels are the 100-day and 50-day EMAs at 0.9657 and 0.9614, respectively. Therefore, USD/CHF is likely to remain low unless the exchange rate breaks/breaks decisively above the range.

In the short term, the USD/CHF 4-hour scale depicts a symmetrical triangle forming in an uptrend, according to Fed Powell remarks , which is a “false” breakout, even though it closed at the top and bottom of the trendline. Additionally, the USD/CHF bias is neutral to the upside, as confirmed by the moving averages lying below spot prices, while the Relative Strength Index (RSI) reversed course and started targeting higher in positive territory.

Therefore, the first resistance for USD/CHF will be the top trendline of the symmetrical triangle. A breakout would expose the confluence of the R2 pivot point and 0.9700. Once cleared, the next supply area will be the height of the symmetrical triangle with a target of 0.9767, followed by the psychological level of 0.9800.

USD/CHF key technical level

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