(MENAFN- DailyFX) USD/CHFPrice Outlook, Charts and Analysis
Eyes on important data due to release today and tomorrow including Swiss CPI numbers. USD/CHF andEUR/CHFprice action.
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USD and EUR Correcting Higher Against CHF
On June 25, EUR/CHF corrected higher after creating a higher low at 1.1062 although, the pair closed the monthly session with 0.6% loss at 1.1100. Similarly, USD/CHF corrected higher on Friday however, closed the monthly session with 2.3% loss at 0.9763.
Alongside, the Relative Strength Index (RSI) on June 25 crossed above the oversold territory in both pairs, however; the oscillator has remained below 50 indicating the buyer's hesitation to start up an upside momentum.
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USD/CHF Daily Price Chart (OCT 27, 2016 – JUL 3, 2019) Zoomed Out
USD/CHF Daily Price Chart (Mar 6 – JUL 3, 2019) Zoomed IN
Looking at the Daily chart, we notice yesterday USD/CHF closed below 0.9860 eying the lower end of the current trading zone 0.9785- 0.9860. The pair may see further bearishness towards 0.9625 if closes below the lower end of mentioned trading zone. Although, the weekly support levels underlined on the chart need to be kept in focus.
On the flip-side, a close above the higher end of the trading zone could send the price even higher towards 0.9930, However; the weekly resistance marked on the chart should be watched closely. See the chart for more key levels if the rally continues above 0.9930.
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EUR/CHF Daily Price Chart (JAN 26, 2017 – JUL 3, 2019) Zoomed Out
EUR/CHF Daily Price Chart (MAR 11 – JUL 3, 2019) Zoomed IN
Looking at the Daily chart, we notice yesterday EUR/CHF rally stopped at 1.1172 before testing the higher end of the current trading zone 1.1057 – 1.1190. If the pair closes above the higher end it might continue to rally towards 1.1385, however; the weekly resistance levels and zone highlighted on the chart need to be watched along the way.
The price may head to test the lower end of the trading zone, and if closes below it might trade even lower towards 1.1001. See the chart to find out more about the weekly support level that needs to be considered in this scenario.
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Written By:Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkudsi
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