- USD/CHF is registering a weekly gain of 1.86%, the biggest since June 2022.
- A break above 0.9600 could pave the way towards 0.9700.
The USD/CHF advances for the six-straight day, on broad US dollar strength across the board, after breaking above the 20-day EMA at 0.9532 on Thursday. During the day, the USD/CHF hit a daily low at 0.9553, before climbing towards its daily high, shy of the 0.9600 figure, before settling at current exchange rates. At the time of writing, the USD/CHF is trading at 0.9587, up by 0.29%.
USD/CHF Price Analysis: Technical outlook
From a daily chart perspective, the USD/CHF is neutral-to-upward biased. Thursday’s break above a descending channel opened the door for a move to the confluence of the 50/100-day EMAs around 0.9635-41, but firstly USD/CHF buyers will need to reclaim the 0.9600 figure on their way north.
The four-hour scale shows the USD/CHF faced solid resistance at the R1 daily pivot nearby the 0.9600 figure before dipping towards 0.9553. However, buyers re-emerged at the latter, pushing prices higher, but as the end of the week looms, a break above 0.9600 is almost impossible to achieve.
If the above scenario plays out, the USD/CHF first supply zone would be the 200-EMA at 0..9622, followed by the August monthly high at 0.9651, followed by the July 22 high at 0.9704. On the flip side, the USD/CHF first support will be 0.9551. Break below will expose the 20-EMA at 0.9537, followed by the 100-EMA at 0.9515.
USD/CHF 4-Hour chart
USD/CHF Key Technical Levels
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