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USD/CHF strengthens toward 0.8200 amid dollar bid before GDP
The pair recently pushed through 0.8150 and is holding above its 100 and 200 four-hour moving averages, with channel support seen near 0.8170.
The US dollar strengthened versus the Swiss franc, as USD/CHF moved into a fresh rise above 0.8120 and 0.8150, according to technical analysis by Action Forex.
On the 4-hour chart, the pair settled above 0.8150, alongside the 100 simple moving average and the 200 simple moving average, and it also cleared the 1.236 Fib extension level of the prior move from the 0.8150 swing high to the 0.8032 low.
Action Forex said a rising channel is forming, with support near 0.8170 and resistance clustered around 0.8200, then 0.8220 and the 1.618 Fib extension level. A close above 0.8220 could set up another steady increase.
In the event of a pullback, the next support areas are cited near 0.8150 and 0.8100, with a deeper break potentially targeting 0.8050 and 0.8000. The outlet also noted gold is moving lower, pointing to potential downside toward $3,950.
Latest closeGold $4,134.80 ▲2.4%