USD/CHF Price Analysis: Buyers step in and lift the pair on sellers failure at the double top neckline By christianborjon USDCHF Majors Technical Analysis
Risk-aversion dominates Friday’s session, as throughout the whole week.
The USD/CHF double top in the daily chart is still in play, but failure at 0.9544, paves the way for further gains as buyers eye 0.9700.The USD/CHF accelerates and reclaims the 0.9600 figure after harmful, showing that the economy, although expanding, is doing it at a slower pace than estimated amidst a US Federal Reserve tightening cycle. At the time of writing, the USD/CHF is trading at 0.9624.
US equities are falling, preparing to finish the week with substantial losses. Meanwhile, US Treasury yields have recovered some ground, while the greenback remains in the driver’s seat, as shown by theThe USD/CHF regained some composture and is trading near the week highs around 0.9641. USD/CHF traders should note that sellers failed to break below the 100-day moving average at 0.9518, exposing the pair to additional buying pressure.
Therefore, the USD/CHF first resistance would be 0.9641. Break above would expose the 0.9700 mark, followed by the 50-DMA at 0.9732.In the 1-hour chart, the USD/CHF found its floor around 0.9500 on June 29, and since then, it has not looked back, achieving successive series of higher lows and higher highs, paving the way for further gains. It is worth noting that the major on its way north broke above the simple moving averages , further cementing the case of recovery to the upside.
Hence, the USD/CHF first resistance will be the R2 daily pivot at 0.9640. A breach of the latter would expose the June 23 high at 0.9678, followed by the 0.9700 figure.
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