Climbs toward 0.9370s as a double-bottom emerges – Crypto News – Crypto News
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Hovers around 0.9640, after diving from around 0.9700 Hovers around 0.9640, after diving from around 0.9700

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Climbs toward 0.9370s as a double-bottom emerges – Crypto News

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2 years ago

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  • USD/CHF bounces around last week’s lows around 0.9310s.
  • Near term, the USD/CHF formed a double bottom, which targets a rally towards 0.9430s.

The USD/CHF bounces from last week’s lows around 0.9313 and rises towards 0.9350s, due to a slight jump in US Dollar (USD) demand, amid an optimistic market sentiment. Elevated US Treasury yields and market-moving economic data from the US due Tuesday bolstered the USD. At the time of writing, the USD/CHF is trading at 0.9378, above its opening price.

USD/CHF Price Analysis: Technical outlook

With the USD/CHF climbing in the North American session after bottoming at the falling-wedge bottom trendline, the USD/CHF remains neutral to downward biased. Nevertheless, a clear break above last Friday’s high of 0.9381 could pave the way to challenge the 0.9400 figure. The Relative Strength Index (RSI0) at bearish territory suggests sellers remain in charge; whatever the Rate of Change (RoC) indicates, they are losing momentum.

Short term, the USD/CHF formed a double bottom in the one-hour charts, which would be confirmed by a decisive break above 0.9381. Once achieved, the USD/CHF following resistance would be 0.9400, followed by the December 8 daily high of 0.9426, ahead of 0.9455. On the flip side, the USD/CHF First support would be the 100-Exponential Moving Average (EMA) at 0.9368. A breach of the latter would expose the 50-EMA at 0.9353, followed by the 20-EMA at 0.9347.

USD/CHF Key Technical Levels

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