USD/CHF Price Analysis: 21-DMA probes buyers around mid-0.9700s
- USD/CHF retreats from the highest levels in three weeks as short-term DMA test bulls.
- Firmer RSI keeps buyers hopeful until the quote stays beyond a horizontal support area from late April.
USD/CHF pares weekly gains around 0.9740 heading into Wednesday’s European session. Even so, the Swiss currency (CHF) pair remains firmer for the fourth consecutive day as it battles the 21-DMA hurdle by the press time.
While keeping the USD/CHF buyers hopeful, the RSI (14) remains firmer, not overbought. Also favoring the quote’s further upside is the successful trading beyond the 50-DMA and a seven-week-old horizontal support region.
That said, the 21-DMA level surrounding 0.9740 restricts the pair’s immediate upside ahead of the latest swing high near 0.9780.
Also acting as an upside filter is the 23.6% Fibonacci retracement (Fibo.) of the March-May upside, near 0.9860.
Meanwhile, a convergence of the 50-DMA and 50% Fibo. near 0.9625, appears short-term key support to watch for the USD/CHF sellers.
Should the pair prices drop below 0.9625, a multi-day-old horizontal support zone around 0.9550 seems the last defense for bulls.
USD/CHF: Daily chart
Trend: Further upside expected
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.