The USD/CHF has seen a strong recovery on Thursday, erasing Wednesday’s losses and rising more than 70 pips. The pair has managed to clear solid resistance levels such as the 20-day Exponential Moving Average (EMA) at 0.9322, with help from robust labor market data in the United States (US). This pushed the pair up from daily lows of 0.9260 to where it is currently trading at around 0.9360, showing a strong bullish sentiment for this currency pair in today’s markets
USD/CHF Price Analysis: Technical outlook
After finding support at around 0.9200, the USD/CHF resumed its uptrend and is eyeing a break above Wednesday’s daily high of 0.9366. The major bounced off at around 0.9250 and aimed toward a downslope resistance trendline that passed around 0.9370, while also testing the top-trend line of a falling wedge which was previously broken during the week and now serves as a support for further upside potential on this pair.
If successful in breaking through to close above this level, it could open up further gains towards both 100-day EMA at 0 .9445 or even test for an all-time high of .9500; however, should it fail to hold these levels then first supports would be seen from 20-day EMA at0 .9322 followed by key figure of0 .9300 before returning towards original trendlines near0 .9250