- USD/CHF pulls back from weekly highs and dips below the 0.9800 figure on a boost in risk appetite.
- In the 4 hours chart, USD/CHF is under some selling pressure, targeting a drop towards 0.9660.
The USD/CHF retreats from weekly highs reached around 0.9869 on Wednesday, despite improving risk appetite, which tends to benefit riskier assets during the day. USD/CHF is trading at 0.9783, below its opening price, up 0.51%.
USD/CHF Price Analysis: Technical Outlook
USD/CHF is pulling back after hitting a solid weekly high around 0.9869, set during the overlapping Asian/European session, as market sentiment has soured. However, as the North American session progressed, investor sentiment improved, as seen in US stocks trading in the green.
In the case of USD/CHF, the strength of the Swiss franc dragged prices lower, thus far clearing its way south of the 0.9800 figure.
In the short term, the four-hour chart of USD/CHF illustrates the formation of a triple top chart pattern, and so far, the major is pulling back from weekly highs, approaching the “neckline” around the zone of 0.9766. A decisive break of the latter could see the major drop towards the measured triple top target at 0.9660, but it will have to overcome some hurdles on its way south first.
The first support for USD/CHF would be the lower trend line of an ascending channel drawn from August 11, around 0.9720, followed by 0.9700, and then the 100 EMA at 0.9680.
Key USD/CHF Technical Levels
Source: Fx Street
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