USD/CHF Price Analysis: Steadily advances above 0.9350 after breaking a falling wedge
- USD/CHF climbs steadily, bolstered by US economic data and speculation for further Fed tightening.
- The USD/CHF pairs bounced at around a top-trendline of a falling wedge which turned support around 0.9250.
- A daily close above 0.9366 could send the USD/CHF rallying towards 0.9400 and beyond.
The USD/CHF erases Wednesday’s losses and rises more than 70 pips on Thursday, clearing on its way north solid resistance levels, like the 20-day Exponential Moving Average (EMA) at 0.9322. Factors like the release of robust labor market data in the United States (US) lifted the USD/CHF from around daily lows of 0.9260. At the time of writing, the USD/CHF is trading at 0.9360.
USD/CHF Price Analysis: Technical outlook
After finding support at around 0.9200, the USD/CHF resumed its uptrend, eyeing a break above Wednesday’s daily high of 0.9366. The USD/CHF dropped towards the top-trend line of a falling wedge, previously broken during the week, turned support. Hence, the major bounced at around 0.9250 and aimed toward a downslope resistance trendline that passed around 0.9370.
If the USD/CHF achieves a daily close above 0.9366, that could open the door for further upside, implying a test of the 0.9400 mark, which, once cleared, would send the USD/CHF aiming towards the 100-day EMA at 0.9445, followed by a test of 0.9500.
As an alternate scenario, the USD/CHF first support would be the 20-day EMA at 0.9322, followed by the 0.9300 figure and the top trendline of a falling wedge that resides around 0.9250.
USD/CHF Key Technical Levels
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