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7 Jul 2023

USD/CHF Price Analysis: 200-EMA remains a key barrier

  • USD/CHF is facing immense pressure after seeking a weak lead from the USD Index.
  • S&P500 futures have remained choppy overnight, portraying a flat opening ahead.
  • USD/CHF is on the verge of delivering a breakdown of the Ascending Triangle pattern.

The USD/CHF pair is looking vulnerable near the immediate support of 0.8950 in the London session. The Swiss Franc asset is under severe pressure as the US Dollar Index (DXY) is struggling to find support. The USD Index is facing a sell-off as investors despite the Federal Reserve (Fed) are preparing for restarting its policy-tightening regime.

S&P500 futures have remained choppy overnight, portraying a flat opening ahead. Investors will remain on the tenterhooks ahead of the second-quarter result season and the Nonfarm Payrolls (NFP) data. The 10-year US Treasury yields have jumped to near 4.07%.

Meanwhile, Swiss National Bank (SNB) governing board member, Andrea Maechler, commented “It cannot be ruled out that we will need to further hike interest rates.”

USD/CHF is on the verge of delivering a breakdown of the Ascending Triangle chart pattern on a four-hour scale. The upward-sloping trendline of the aforementioned pattern is plotted from June 22 low at 0.8907 while the horizontal resistance is placed from June 23 high at 0.9013.

The 200-period Exponential Moving Average (EMA) at 0.8987 is acting as a critical barrier for the US Dollar bulls.

The Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, indicating a sideways performance.

A breakdown below June 30 low at 0.8935 would expose the Swiss Franc asset to May 12 low around 0.8900, followed by April 13 low at 0.8860.

Alternatively, an upside move above the psychological resistance of 0.9000 would fade the bearish bias and will drive the asset toward June 06 low at 0.9033 and May 30 high at 0.9084.

USD/CHF four-hour chart

 

Jul 7, 2023

GBP/USD: Break above 1.2850 can lead to extension in uptrend – SocGen

Economists at Société Général analyze GBP/USD outlook. 1.2500/1.2450 is next support The 50-DMA and December high near 1.2500/1.2450 is an important s
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Jul 7, 2023

EUR/USD Price Analysis: A breach of 1.0830 still appears in store

EUR/USD trades in a vacillating fashion and with the upside so far limited by the 1.0900 zone on Friday. The inability of the pair to regain a convinc
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