USD/CHF PRICE ANALYSIS: TESTING THE KEY 200-HOUR EMA, AS BULLS EYE THE PARITY

USD/CHF is moving sharply ahead and is waiting for a break of the 200 hour EMA, which could expose the parity. Over the past two days, USD/CHF has rallied more than 1.5 bounces from the weekly low of 0.98 1. More gains are expected as the November Fed meeting approaches. USD/CHF is gathering strength in the North American session, breaking above the 20-day exponential moving average (EMA) at 0.99 9 on positive fundamentals. At the time of writing, USD/CHF is trading at 0.9970, 0.63% above its opening price. USD/CHF PRICE ANALYSIS: TECHNICAL PERSPECTIVE From a technical perspective, USD/CHF is still on the uptrend following the 2010 USD high of 1.01 7 to the October 27 low of 0.98 1 as sellers fail to cut USD/CHF’s losses downward. 50-day EMA 0.9809, which could deepen the decline to 100-day EMA 0.9722. Instead, buyers stepped in, retrieving the 20-day EMA and threatening to end the week higher. If this scenario plays out, USD/CHF would be under higher pressure, and the New Year peak could be challenged as the Federal Reserve meeting approaches. In the near term, the USD/CHF 1 hour chart shows that buyers are testing the 200 hour EMA at the R1 daily pivot point of 0.9980, a break of which could open the door to the October 25 high and R3 . the daily pivot level is 1.0031. It should be noted that the Relative Strength Index (RSI) is still up, so there is room for buyers. On the downside, R1’s daily pivot at 0.99 0 could limit losses if the CHF strengthens at any point in the New York session, which is unlikely to happen as traders prepare for the weekend. If that happens, the 100 and 20 hour EMA confluence around 0.993 /30 would be difficult to break before that number is 0.9900.

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany.