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- USD/CHF Price Analysis: 21-DMA probes buyers around mid-0.9700s
USD/CHF Price Analysis: 21-DMA probes buyers around mid-0.9700s
- USD/CHF retreats from the highest levels in three weeks as short-term DMA test bulls.
- Firmer RSI keeps buyers hopeful until the quote stays beyond a horizontal support area from late April.
USD/CHF pares weekly gains around 0.9740 heading into Wednesday’s European session. Even so, the Swiss currency (CHF) pair remains firmer for the fourth consecutive day as it battles the 21-DMA hurdle by the press time.
While keeping the USD/CHF buyers hopeful, the RSI (14) remains firmer, not overbought. Also favoring the quote’s further upside is the successful trading beyond the 50-DMA and a seven-week-old horizontal support region.
That said, the 21-DMA level surrounding 0.9740 restricts the pair’s immediate upside ahead of the latest swing high near 0.9780.
Also acting as an upside filter is the 23.6% Fibonacci retracement (Fibo.) of the March-May upside, near 0.9860.
Meanwhile, a convergence of the 50-DMA and 50% Fibo. near 0.9625, appears short-term key support to watch for the USD/CHF sellers.
Should the pair prices drop below 0.9625, a multi-day-old horizontal support zone around 0.9550 seems the last defense for bulls.
USD/CHF: Daily chart
Trend: Further upside expected
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