Wednesday , June 3 2020
Home / SNB & CHF / USD/CHF Price Analysis: Follows rising channel on H4 ahead of SNB

USD/CHF Price Analysis: Follows rising channel on H4 ahead of SNB

Summary:
USD/CHF stays positive near a three-week high. The resistance line of an eight-day-old rising trend channel limits the immediate upside. 200-bar SMA offers immediate support, SNB in the spotlight. USD/CHF pulls back from the resistance line of a short-term rising trend channel while taking rounds to 0.9695, up 0.16%, during the early Thursday. In addition to the channel’s resistance, nearly overbought RSI conditions also challenge the pair’s further upside. However, sellers will wait for the entry below 200-bar SMA level of 0.9650 while targeting 61.8% Fibonacci retracement level of February 20 to March 09 fall, at 0.9590. During the pair’s additional weakness past-0.9590, the said channel’s support line near 0.9490 will be the key to watch. On the upside, a

Topics:
Anil Panchal considers the following as important: , , , ,

This could be interesting, too:

Dirk Niepelt writes “Wenn die Notenbank den Staat finanziert (When the Central Bank Finances the State),” FAS, 2020

Investec writes Swiss central bank could take negative rates lower

FINMA: News writes FINMA-Aufsichtsmitteilung 06/2020: Verlängerung oder Auslaufen von Erleichterungen infolge der COVID-19-Krise

Daniel Wright writes Why is the Pound to Euro Rate Falling? Will it Continue?

  • USD/CHF stays positive near a three-week high.
  • The resistance line of an eight-day-old rising trend channel limits the immediate upside.
  • 200-bar SMA offers immediate support, SNB in the spotlight.
USD/CHF pulls back from the resistance line of a short-term rising trend channel while taking rounds to 0.9695, up 0.16%, during the early Thursday.

In addition to the channel’s resistance, nearly overbought RSI conditions also challenge the pair’s further upside.

However, sellers will wait for the entry below 200-bar SMA level of 0.9650 while targeting 61.8% Fibonacci retracement level of February 20 to March 09 fall, at 0.9590.

During the pair’s additional weakness past-0.9590, the said channel’s support line near 0.9490 will be the key to watch.

On the upside, a sustained break of 0.9740 can propel the USD/CHF prices further towards late-February highs surrounding 0.9850.

It should also be noted that the Swiss National Bank (SNB) is up for a monetary policy meeting decision at 08:30 GMT.

While the Swiss central bank isn’t expected to announce any rate changes, a surprise moves can’t be ruled out amid the present rush to combat the coronavirus (COVID-19) fears.

USD/CHF four-hour (H4) chart

(see more posts on USD/CHF, )
USD/CHF Price Analysis: Follows rising channel on H4 ahead of SNB

- Click to enlarge

Trend: Bullish


Tags: ,,

Leave a Reply

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