- USD/CHF gained 1.86% for the week, the biggest gain since June 2022.
- A break above 0.9600 could pave the way towards 0.9700.
After breaking through the 20-day moving average of 0.9532, USD/CHF, The U.S. dollar strengthened across the board on Thursday after a six-day winning streak. On the day, USD/CHF touched a session low of 0.9553 before climbing to a session high below 0.9600 before closing at the current rate. At the time of writing, USD/CHF is trading at 0.9587, up 0.29%.
USD/CHF Price Analysis: Technical Outlook
From the daily chart, USD/CHF is neutral to the upside. Thursday’s breakout of the descending channel opened the door to a confluence near the 50/100 daily SMA at 0.9635-41, but first USD/CHF buyers need to reclaim the 0.9600 figure on the way north.
On the four-hour scale, USD/CHF faced solid resistance near the R1 daily pivot at 0.9600 before falling to 0.9553. However, buyers of the latter emerged again, pushing prices higher, but a break above 0.9600 is all but impossible as the weekend approaches.
If the above happens, the first supply area for USD/CHF will be 0..9622 at the 200 EMA, then August’s monthly high of 0.9651, then the July 22 high of 0.9704. On the other hand, the first level of support for USD/CHF will be at 0.9551. A break below would expose the 20-EMA at 0.9537 and then the 100-EMA at 0.9515. USD/CHF 4-hour chart
Dollar /CHF key technical level
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