Double top in the 4-hour chart, target 0.9500

  • USD/CHF from a long-term perspective remains biased to the upside, although strong resistance around 0.9700 pushed the pair lower.
  • Double top on the 4-hour chart to keep the pair below 0.9700 August high.

USD/CHF is marching firmly at Wall Street’s close, ending Monday’s session with gains of 0.16%, after hitting a daily high around 0.9700 above the Aug. 23 high at 0.9692. Still, strong resistance at the latter has taken prices towards the 0.9670 region at the time of writing.

USD/CHF Price Analysis: Technical Outlook

The USD/CHF daily chart shows the main support against the 100-day EMA at 0.9665, which, once cleared, would pave the way for further losses. The Relative Strength Index (RSI) at 58.26, remains in bullish territory, although almost stable, which means that consolidation is ahead. Unless USD/CHF makes a decisive break below 0.9600 or above the 0.9700 figure, USD/CHF will remain range bound.

USD/CHF daily chart

Looking at the 4-hour scale, USD/CHF has formed a double top in the 0.9700 figure, suggesting that the Swiss Franc may strengthen soon, targeting the 0.9500 figure. The oscillators are sloping downwards, with the RSI in bullish territory, approaching the midline of 50, which means that a cross under would indicate that the sellers are gaining ground.

Therefore, the first USD/CHF support would be the S1 daily pivot at 0.9640. A break below will expose the S2 pivot point at 0.9610, immediately followed by the 200-EMA at 0.9600.

USD/CHF 4 hour chart

USD/CHF Key Technical Levels

Previous State debt: the cost of State debt continues to fall; down 4 basis points to 7.67%
Next ECLGS borrowers show good repayment behavior