USD/CHF Price Analysis: Clings above 0.9600 as buyers prepare to invalidate the double top By christianborjon USDCHF Majors Technical Analysis
Asian equity futures are set to open mixed on Tuesday’s session. The market narrative hasn’t changed, with high inflation and global economic slowdown, keeping investors uneasy. In the meantime, US President Joe Biden could announce a rolling back of some tariffs on China, as reported by Dow Jones.Index, a gauge of the greenback’s value, edges up 0.07%, sitting at 105.193, a tailwind for the USD/CHF.
Oscillators aim higher, though within negative territory, but accelerate to the upside, as shown by the Relative Strenght Index . Therefore, the USD/CHF first resistance would be the Jule 1 high at 0.9641, which, once broken, would expose the 0.9700. Break above will clear the way toward the 50-day moving average at 0.9732.The USD/CHF has a clear pathway to the upside in the near term. The Relative Strenght Index at bullish territory and price action above the simple moving averages , and a break of a three-week-old downslope trendline around 0.9775 further cement the upward bias.
Hence, the USD/CHF first ceiling level will be the R1 daily pivot at 0.9630. A breach of the latter will expose the July 1 daily high at 0.9641, followed by the R2 daily pivot point at 0.9652.
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