- The USD/CHF pair has created a falling wedge on the daily chart – a bullish pattern – ahead of the Swiss National Bank (SNB) rate decision.
- A convincing move above 0.9965 (upper edge of the wedge) would confirm a bullish breakout. Theoretically, that would open the doors for re-test of 1.01285 (Nov. 13 high). The case for a re-test of recent highs, however, would strengthen after the horizontal resistance at 1.0008 (Dec. 5 high) is scaled.
- A break below 0.9863 (low of Tuesday’s bull outside-day) would strengthen the bear grip on the pair.
- The Swiss National Bank (SNB) is widely expected to keep its policy rates unchanged at record lows. Swiss GDP unexpectedly fell 0.2 percent quarter-on-quarter in Q3, missing the estimated rise of 0.4 percent. As a result, the central bank is likely to retain a dovish tone.
Daily chart
-636802774093880905.png)
Trend: Bullish above 0.9965
USD/CHF
Overview:
Today Last Price: 0.9937
Today Daily change: 8.0 pips
Today Daily change %: 0.0806%
Today Daily Open: 0.9929
Trends:
Previous Daily SMA20: 0.996
Previous Daily SMA50: 0.9975
Previous Daily SMA100: 0.989
Previous Daily SMA200: 0.9848
Levels:
Previous Daily High: 0.9966
Previous Daily Low: 0.9913
Previous Weekly High: 1.0009
Previous Weekly Low: 0.9889
Previous Monthly High: 1.0129
Previous Monthly Low: 0.9908
Previous Daily Fibonacci 38.2%: 0.9946
Previous Daily Fibonacci 61.8%: 0.9933
Previous Daily Pivot Point S1: 0.9906
Previous Daily Pivot Point S2: 0.9882
Previous Daily Pivot Point S3: 0.9852
Previous Daily Pivot Point R1: 0.996
Previous Daily Pivot Point R2: 0.999
Previous Daily Pivot Point R3: 1.0013
Share
