USD/CHF surges to seven-day high. Further upside to near-term key resistance-area expected based on the bullish technical indication. Carrying its early week’s gradual recovery forward, USD/CHF rises to a week’s top while taking the bids to 0.9790 ahead of Friday’s European open. While bullish signal via 12-bar moving average convergence and divergence (MACD) increases the pair’s further run-up, the 0.9800/05 area including mid-July lows and early-month high will question buyers. Given the bulls’ ability to cross 0.9805, July 24 low near 0.9835 and 61.8% Fibonacci retracement level of present month declines near 0.9855 can please them. On the contrary, a short-term rising trend-line at 0.9750 may offer nearby support to the pair ahead of dragging it to 0.9700
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Carrying its early week’s gradual recovery forward, USD/CHF rises to a week’s top while taking the bids to 0.9790 ahead of Friday’s European open. While bullish signal via 12-bar moving average convergence and divergence (MACD) increases the pair’s further run-up, the 0.9800/05 area including mid-July lows and early-month high will question buyers. Given the bulls’ ability to cross 0.9805, July 24 low near 0.9835 and 61.8% Fibonacci retracement level of present month declines near 0.9855 can please them. On the contrary, a short-term rising trend-line at 0.9750 may offer nearby support to the pair ahead of dragging it to 0.9700 round-figure and monthly bottom surrounding 0.9660. |
USD/CHF 4-hour chart, August 16(see more posts on USD/CHF, ) - Click to enlarge |
Trend: Bullish
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