Home›Forex›Major Pairs›USD/CHF edges higher toward 0.8150 after SMA bounce

USD/CHF edges higher toward 0.8150 after SMA bounce

The pair is trading around 0.8100 after dipping to 0.8056, with 0.8150 flagged as the next upside level and 0.8100 seen as key support.

Reported · Written up by our desk · Major Pairs

USD/CHF rose by about 0.27% on Monday as traders increased demand for the US dollar following an intervention in FX markets involving US and Japanese authorities, FXStreet reports.

The move also drew support from better-than-expected US economic data and news of a “halt” in hostilities between the US and Iran, helping the Greenback bounce from daily lows of 0.8056.

On the technical side, the currency pair recovered after falling to the 50-day simple moving average near 0.8037, a level that helped trigger a push back above 0.8100. Momentum remains constructive, with the RSI pointing higher after two days of weakness.

For further gains, traders are watching the 0.8150 milestone, with 0.8200, then the yearly peak at 0.8207 next if that level is cleared. A bearish reversal would require USD/CHF to drop back below 0.8100 and the 50-day SMA, after which attention would shift to the 100-day and 200-day SMAs near 0.7954 and 0.7928, respectively.

More like this

Sources