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USD/CHF Price Analysis: Buyers in charge must contain the fort round the 100-DMA

  • USD/CHF buyers reclaim 0.9600 and lift the major to an everyday most of 0.9651.
  • Broad US dollar strength amidst an augmented risk appetite, tailwind for the USD/CHF.
  • A trendline break in the hourly chart exacerbates the USD/CHF rally above 0.9600.

The USD/CHF rallies above the 100-day EMA and extended its gains to two straight days, up by greater than a half percent, on risk-on impulse, as US bond yields rise, underpinned by Feds hawkish commentary. The greenback can be trading positive, as depicted by the united states Dollar Index, climbing 0.18%, sitting at 106.546. During writing, the USD/CHF is trading at 0.9625.

USD/CHF Price Analysis: Technical outlook

In yesterdays article, I mentioned that the USD/CHF edged higher, forming a bullish-engulfing chart pattern, a reversal pattern indicating buyers outweigh sellers, keeping risks skewed to the upside. On Wednesday, the USD/CHF advanced sharply, cracking the 100-day EMA at 0.9626, because the major extended its gains towards the daily high at 0.9651. Even though USD/CHF is retracing, the major remains neutral-to-bullish biased. Having said that, USD/CHF traders should become aware of a move towards the confluence of the 50 and 20-day EMAs around 0.9674-77.

USD/CHF 1-hour chart

The USD/CHF is upward biased after the major broke solid resistance at a fifteen-day-old downslope trendline around 0.9559, putting a lid on Tuesdays rally towards 0.9600. Additionally, the major reclaimed the 200-hour EMA at 0.9580, which exacerbated a jump above the 0.9600 area. Having said that, the USD/CHF first resistance will be the R2 daily pivot at 0.9644, shy of Wednesdays daily high at 0.9651. Once cleared, the USD/CHFs following resistance levels would be the July 22 daily high at 0.9704 and July 21 high at 0.9739.

USD/CHF Key Technical Levels

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