- USD/CHF continues to advance as bulls gain momentum.
- Next resistance levels: psychological 0.9050, followed by 0.9100 and the May 24 high of 0.9158.
- Key Support Levels: 50 DMA at 0.9029, followed by 0.9000 figure and 100 DMA at 0.8982.
The USD/CHF extended its rally for the second consecutive trading day after posting gains of 0.47% on Monday. It traded at 0.9042 on Tuesday, up from its opening price by 0.20%.
USD/CHF Price Analysis: Technical Outlook
The USD/CHF resumed its uptrend after a pullback dragged the exchange rate to a three-month low of 0.8826. Since then, the Dollar has staged a recovery as the pair has rallied by over 2.20%, breaking above key technical levels on its way north, such as the 200-day and 100-day moving averages (DMAs), each at 0.8895 and 0.8982, respectively.
Momentum supports buyers, as shown by the Relative Strength Index (RSI).
On further USD/CHF strength, the pair could challenge the psychological level of 0.9050. Once cleared, the next target would be 0.9100, followed by the May 24 high of 0.9158.
On the other hand, the first support for the USD/CHF would be the 50-DMA at 0.9029. If overcome, the next support would be the 0.9000 figure, before challenging the 100-DMA at 0.8982.
USD/CHF Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
