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USD/CHF Price Analysis: Greenback grinding up vs. Swiss franc, clings to 2020 highs

 

  • USD/CHF is slowly advancing printing fresh 2020 highs by a few pips.
  • The rising wedge formations can limit the upside on USD/CHF. 

USD/CHF daily chart

USD/CHF is printing new 2020 highs while the quote is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum.

USD/CHF daily chart

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USD/CHF daily chart

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USD/CHF four-hour chart

After USD/CHF broke below the rising wedge pattern the market made a retest of the high creating a higher high by a few pips just below the 0.9800 figure. The spot is also trading within a larger rising wedge pattern which can be seen as potentially bearish if the bears start to show some signs of conviction. In fact, bears want to weaken the market and trade below the 0.9770 level to drive the quote below the last swing low towards the 0.9730 and 0.9710 price levels. However, a daily break above the 0.9800 figure might invalidate the bearish scenario and lead to an acceleration towards the 0.9830 and 0.9850 price levels.

USD/CHF four-hour chart

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USD/CHF four-hour chart

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Resistance: 0.9800, 0.9830, 0.9850

Support: 0.9770, 0.9730, 0.9710

 

Full story here
Flavio Tosti
Flavio has been engaged in the financial market since 2011 with experience in stocks, currencies, commodities and cryptocurrencies among others. In 2015 he completed a postgraduate diploma in Financial Trading Analysis from the University of Essex in collaboration with FXStreet.
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Permanent link to this article: https://snbchf.com/2020/02/tosti-usd-chf-price-analysis-greenback-grinding-swiss-franc-clings-2020-highs/

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