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Price Analysis of USD/CHF: 50-DMA In The Sights As Traders Seek Control
Wednesday marked a 0.41 percent increase for USD/CHF, as the pair has rallied on two of the previous three trading days. Buyers must overcome significant resistance at the 50-day moving average (DMA) of 0.8972 and the 200-day moving average (DMA) of 0.9007. In order to recommence the downward trajectory, sellers must surpass the most recent cycle low at 0.8887; possible targets include 0.8745 and 0.8689.
The USD/CHF closed Wednesday's trading session up 0.41 percent, approaching the 50-day moving average (DMA). However, the pair was unable to conclude the day above the 50-DMA, leaving them vulnerable to selling pressure. The USD/CHF pair opens the Asian trading session at 0.8966, a slight decrease of 0.01%.
The major has rallied on two of the last three trading days, registering weekly gains of 0.50%. However, key resistance levels above the current exchange rate must be cleared for purchasers to regain control. The 50-DMA is observed at 0.8972, followed by the 200-DMA at 0.9007. The October 12 high at 0.9088 would be exposed by a decisive breach, prior to the USD/CHF targeting 0.9100.
Conversely, in order to recommence the approaching decline, USD/CHF traders must surpass the most recent cycle low at 0.8887. After being cleared, the pair could descend towards the August 30 low at 0.8745, a critical support level, before retracing to the August 10 swing low of 0.8689.
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