USD/CHF Price Analysis: Falls towards 0.9600 as sellers prepare to test the neckline of the double top at 0.9545

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  • Swiss franc extends its weekly gains to almost 1% as evidenced by USD/CHF falling from weekly highs above 0.9700.
  • Throughout the American session, risk aversion pushed equities into negative territory and gave safe-haven assets a further boost, boosting the CHF.
  • USD/CHF Price Analysis: Double Top Formation Is Coming and Will Target 0.9150.

The USD/CHF extends its decline from around the 50-day moving average (DMA), then around 0.9707, to four, targeting the 0.9600 figure for the first time since early June. At the time of writing, the USD/CHF is trading at 0.9600.

Market sentiment has soured with the drop in US stocks, which are trading in the red. Risk aversion buoyed the Swiss franc, which has racked up nearly 1% gains on the week as USD/CHF has moved from 0.9712 to the 0.9600 area. However, the rally in the USD, as shown by the US Dollar Index, a gauge of the dollar’s value against a basket of six pairs, which gained 0.24% to 104.440, capped any decline in USD/CHF.

USD/CHF Price Analysis: Technical Outlook
daily chart

From a daily chart perspective, USD/CHF continues to have a neutral bias. However, once the Relative Strength Index (RSI) slumped from overbought territory and broke below the RSI’s 7-day SMA, it opened the door for further losses. Furthermore, the formation of a double top that has not been confirmed so far, unless USD/CHF breaks the necklines at 0.9544, will see the pair fall towards 0.9150.

Therefore, the first support for the USD/CHF would be the 0.9600 level. A break of the latter would open the way to the neckline of the double top at 0.9544. Once broken, the next support would be the 100 day moving average (DMA) around 0.9499.

Key USD/CHF Technical Levels

USD/CHF

Panorama
Last Price Today 0.9615
Today’s Daily Change 0.0003
Today’s Daily Change % 0.03
Today’s Daily Opening 0.9612
Trends
20 Daily SMA 0.9716
50 Daily SMA 0.9724
100 Daily SMA 0.9499
200 Daily SMA 0.9359
levels
Previous Daily High 0.969
Previous Daily Minimum 0.9581
Previous Maximum Weekly 1,005
Previous Weekly Minimum 0.9619
Monthly Prior Maximum 1.0064
Previous Monthly Minimum 0.9545
Daily Fibonacci 38.2% 0.9623
Daily Fibonacci 61.8% 0.9648
Daily Pivot Point S1 0.9565
Daily Pivot Point S2 0.9518
Daily Pivot Point S3 0.9456
Daily Pivot Point R1 0.9674
Daily Pivot Point R2 0.9736
Daily Pivot Point R3 0.9783

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Source: Fx Street

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