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More gains expected above 0.9760 level: USD/CHF technical analysis

By Nathan Batchelor

USD/CHF technical analysis shows that the USD/CHF pair has undergone a technical shift, and is starting to turn bullish. The pair could soon rally towards its 200-day moving average.

The US dollar has been steadily rising against the Swiss franc currency, after the pair found support from just below the 0.9630 level earlier this month.

USD/CHF technical analysis shows that the pair has the potential to rally towards the 0.9900 level while price trades above the 0.9760 level.

USD/CHF medium-term price trend

The USD/CHF has been firming above the 0.9800 level over recent days as the greenback continues to claw-back lost ground on the foreign exchange market.

Safe-haven demand for the Swiss franc currency has also been lacking, as traders focus on the positive fundamentals surrounding the US economy.

USD/CHF technical analysis highlights that the pair is gaining bullish traction while trading above the 0.9760 level, and could soon start to test towards its ley 200-day moving average.

The daily time frame shows that the 0.9760 level is an area of extreme technical importance, and remains the focus of medium-term traders.

Rising trendline resistance is located around the 0.9760 level, alongside the USD/CHF pairs 50-day moving average.

With this in mind, traders should expect further gains towards the 0.9860 resistance level, while price trades above the 0.9760 level.

USD/CHF short-term price trend

USD/CHF analysis over the short term shows that the pair is only bearish while price trades below the 0.9715 resistance level.

The lower time frames are also showing that the 0.9760 level is technically important, and is the neckline of a bullish inverted head and shoulders pattern.

Looking at the size of the bullish pattern, the USD/CHF pair could rally through to the 0.9900 level over the coming days.

Traders should also be mindful that the USD/CHF pair shares an inverse relationship with the EUR/USD pair. Weakness in the EUR/USD pair below the 1.0800 level could trigger further strong gains in the USD/CHF pair.

USD/CHF technical summary

USD/CHF analysis shows that traders have few reasons to be bullish towards the pair while price trades above the 0.9760 level. The 0.9860 and 0.9900 levels are seen as likely upside targets.

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