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11 Feb 2020
USD/CHF Price Analysis: Greenback hangs near 2020 highs vs. Swiss franc
- USD/CHF formed a rising wedge pattern suggesting potential bullish exhaustion in the medium term.
- The level to beat for sellers is the 0.9770 support.
USD/CHF daily chart
USD/CHF is pulling back down mildly from the 2020 highs while the spot is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum.
USD/CHF four-hour chart
Dollar/Swiss is trading in a rising wedge formation suggesting that bulls might be running out of steam. If the sellers break the 0.9770 support on a daily basis, the quote could pull back down towards the 0.9730 and 0.9710 price levels. Conversely, if the bulls surpass the 0.9800 figure the quote could continue trending to the upside towards the 0.9830/50 levels.
Resistance: 0.9800, 0.9830, 0.9850
Support: 0.9770, 0.9730, 0.9710
Additional key levels