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USD/CHF steadies near 0.8080 as traders brace for more intervention

The pair held above the 50-day SMA area after rebounding from weekly lows, and the next resistance levels cited are 0.8175 and 0.8200.

Reported · Written up by our desk · Major Pairs

USD/CHF is trading around 0.8080 after bouncing off weekly lows, following a move up to a daily high of 0.8127, according to FXStreet.

FXStreet attributed the rebound to presumed currency-market intervention pressure, noting Nikkei reported that the US Treasury Department told market participants to prepare for additional intervention after Japanese authorities acted earlier.

Technically, FXStreet said the market structure points to an ongoing uptrend as long as spot remains above the 50-day SMA and the July 10 cycle low at 0.8010, with a bullish resumption requiring a break above 0.8100.

FXStreet added that the next upside targets are 0.8175 and 0.8200, while a move below the 50-day SMA and 0.8010 could open the door to a break of 0.8000, with support at the 100-day SMA near 0.7952 and the 200-day SMA around 0.7927.

Latest closeNikkei 225 61,434.19 ▼1.5%

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