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USD/CHF technical analysis: Heads to 0.9800/05 supply-zone amid bullish MACD

 

  • 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 round-figure and monthly bottom surrounding 0.9660.

USD/CHF 4-hour chart, August 16

(see more posts on USD/CHF, )
USD/CHF 4-hour chart, August 16

- Click to enlarge

Trend: Bullish

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Anil Panchal
Anil Panchal, has seven years of experience as a commodity research analyst and six years' rich knowledge of Forex markets. He holds a masters degree in Business Administration with Finance being specialization.
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Permanent link to this article: https://snbchf.com/2019/08/usd-chf-technical-analysis-heads-9800-05-supply-zone-amid-bullish-macd/

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