USD/CHF Price Analysis: Testing the key 200-hour EMA, as bulls eye the parity – by christianborjon USDCHF Majors Technical Analysis
USD/CHF advances sharply, eyeing a break of the 200-hour EMA, which could expose parity.
During the last two days, the USD/CHF has advanced more than 1% after bouncing from the weekly lows of around 0.9841.is gaining some traction in the North American session, surpassing the 20-day Exponential Moving Averages at 0.9949, courtesy of positive fundamental data, opening the door for a re-test of parity ahead into the weekend. At the time of writing, the USD/CHF is trading at 0.9970, above its opening price by 0.63%.
Short term, the USD/CHF 1-hour chart depicts buyers are testing the 200-hour EMA at the confluence of the R1 daily pivot at 0.9980, which, if broken, could open the door to test the October 25 high and the R3 daily pivot level at 1.0031. It should be noted that the Relative Strength Index is still in bullish territory, so buyers have some room to spare. On the downside, the R1 daily pivot at 0.