- USD/CHF extends the previous session’s momentum and prints minute gains on Tuesday.
- The formation of multiple tops near the current level makes it’s a crucial level to trade.
- MACD trades above midline indicates the underlying bullish sentiment.
USD/CHF trades cautiously on Tuesday in the initial Asian trading hours. The pair confides in a narrow trade band of less than 10-pips movement.
At the time of writing, USD/CHF is trading at 0.9224, up 0.02% for the day.
USD/CHF daily chart
-637671763784739971.png)
On the daily chart, the USD/CHF pair has been facing some strong resistance near 0.9240, the high touched in the previous session and on August 13. This constitutes a “ double top” formation, which is a bearish reversal pattern.
The sluggish price movement in today’s session suggests that bulls find it difficult to break the mentioned level. The being said, if the price manages to moves higher, it could immediately test the previous day’s high of 0.9241.
The Moving Average Convergence Divergence (MACD) trades just above the midline with a bullish stance. Any uptick in the MACD would encourage the bulls to take over the levels last seen in July and recapture the high made on 8 July at 0.9264.
Furthermore, USD/CHF bulls would likely to testify the 0.9285 horizontal resistance level. If the price starts moving lower, it could drop back to the 0.9200 psychological level.
Next, USD/CHF bears would seek the 23.6% Fibonacci retracement level at 0.9185 followed by the low made on September 10 at 0.9150.
USD/CHF additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.