- In the session, the USD / CHF is down 0.14%, trading around 0.9176.
- The daily chart supports the uptrend.
- In the case of a short correction, the price will tend to favor buyers.
Daily chart
The price is trading around 0.9170. Daily moving averages are below price and support is moving up, however recent price action is moving down.
Today’s session low was 0.9158, which is the confluence of the 38.2% Fib retracement and the 50-day moving average. Lower around 0.9100 is the 100 DMA and the 61.8% Fibonacci retracement where buyers could step in for better prices. Finally, a test of the 200 DMA at 0.90659 that converges with the Fibonacci retracement of 78.6%, is also a challenge for sellers.
On the upside, there is a clear path, with 0.9200 as the first resistance, followed by the 0.9245-75 range where the July 2 high and August 11 high, and then 0.9300.
4 hour chart
The pair is between the 50 and 100 simple moving averages. The price is trapped within the 0.9150-0.9200 range, not trending.
A break to the downside opens a test of 0.9130 where the 100 SMA, the 50% daily Fibonacci retracement, and an uptrend line are located. If that level is not defended, the next support is 0.9100.
On the other hand, a break to the upside, the price will challenge 0.9200. If the sellers fail to hold the level, the pair will test the August 11 high at 0.9247, then the July 2 high at 0.9274 and finally the 0.9300 level.
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