Wednesday , January 20 2021
Home / SNB & CHF / USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

Summary:
USD/CHF trades with a positive bias for the fourth consecutive session. The 0.9700 mark might now act as a strong base for bullish traders. The USD/CHF pair edged higher for the fourth consecutive session on Thursday and is currently placed near one-week tops, levels just below mid-0.9700s. Any subsequent positive move is likely to confront stiff resistance near the 0.9765-70 region (testing twice in January) and kept a lid on any further gains. The mentioned barrier coincides with 38.2% Fibonacci level of the 1.0024-0.9613 downfall, which if cleared might be seen as a key trigger for bullish traders. Moreover, technical indicators on hourly/daily charts have been gaining positive traction and support prospects for an extension of the ongoing momentum. Hence, some

Topics:
Haresh Menghani considers the following as important: , , ,

This could be interesting, too:

Swiss National Bank writes 2021-01-08 – Swiss National Bank expects annual profit of around CHF 21 billion for 2020

Swissinfo writes Swiss franc shrugs off being put on the naughty step by US

George Dorgan writes Swiss balance of payments and international investment position: Q3 2020

FINMA: News writes Krankenzusatzversicherer: FINMA sieht umfassenden Handlungsbedarf bei Leistungsabrechnungen

  • USD/CHF trades with a positive bias for the fourth consecutive session.
  • The 0.9700 mark might now act as a strong base for bullish traders.
The USD/CHF pair edged higher for the fourth consecutive session on Thursday and is currently placed near one-week tops, levels just below mid-0.9700s.

Any subsequent positive move is likely to confront stiff resistance near the 0.9765-70 region (testing twice in January) and kept a lid on any further gains.

The mentioned barrier coincides with 38.2% Fibonacci level of the 1.0024-0.9613 downfall, which if cleared might be seen as a key trigger for bullish traders.

Moreover, technical indicators on hourly/daily charts have been gaining positive traction and support prospects for an extension of the ongoing momentum.

Hence, some follow-through buying has the potential to lift the pair further beyond the 0.9800 mark towards testing 50% Fibo. level resistance near the 0.9820 region.

Meanwhile, immediate support is pegged near 23.6% Fibo. level, around the 0.9700 round-figure mark, which if broken might negate prospects for any further recovery.

USD/CHF daily chart

(see more posts on USD/CHF, )
USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

- Click to enlarge


Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *