- USD/CHF picks up bids to reverse the previous day’s losses.
- Sustained trading above the key Fibonacci retracement, upbeat oscillators join bullish chart pattern to favor buyers.
- Sellers have a bumpy road to face on their return, 0.9345 appears short-term key support.
USD/CHF renews its intraday high around 0.9415 as bulls return to the table, after the previous day’s absence, during early Thursday. In doing so, the Swiss currency pair remains firmer past the 61.8% Fibonacci retracement level of its downturn from late November 2022 to early February 2023.
Not only the successful trading beyond the 61.8% Fibonacci retracement, also known as the golden Fibonacci ratio, but the bullish MACD signals and upbeat RSI (14), not overbought, also keeps the USD/CHF buyers hopeful of witnessing further advances.
However, the 100-DMA hurdle surrounding 0.9445 guards the pair’s immediate upside.
Following that, the stated channel’s top line and late November swing high could act as the last defenses of the USD/CHF bears around 0.9480 and 0.9550 respectively.
It’s worth observing that the November 21 high of around 0.9600 appears the key for the USD/CHF bulls to track afterward.
Meanwhile, pullback remains elusive till the quote stays inside the aforementioned bullish channel, established on February 10, currently between 0.9480 and 0.9345.
That said, the 61.8% Fibonacci retracement level of 0.9393 can act as immediate support.
Overall, USD/CHF is likely to remain firmer and can cross the 100-DMA immediate hurdle while its upside past 0.9480 appears doubtful.
USD/CHF: Daily chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Read More
Sharie Noren