USD/CHF Price Forecast: Bulls eye 0.8200 as RSI turns higher
The USD/CHF pair advances some 0.13% on Wednesday as the Greenback holds within familiar levels, after depreciating versus the Japanese Yen amid speculation of an intervention in the FX markets. This dragged the pair from around five-week highs to the 0.8120 area.
The USD/CHF currency pair saw a slight increase of 0.13% on Wednesday, remaining within its typical price range. Following a depreciation against the Japanese Yen, traders speculated an intervention in foreign exchange markets, causing the pair to dip from its recent five-week high to 0.8120. After a bounce from its two-month low of 0.7949 on August 20, the current rate is 0.8200.
From a structural standpoint, USD/CHF is in a corrective phase before continuing its downtrend. The Relative Strength Index (RSI) turned positive, indicating potential further gains. For this uptrend to continue, the pair must surpass today's high of 0.8156 and then target the 0.8200 level. A clear break above this point would expose the recent yearly high of 0.8207, followed by the psychological barrier of 0.8250 and then 0.8300.
Conversely, if USD/CHF declines to 0.8100, it could signal a new downward trend. Key support levels include the 50-day Simple Moving Average at 0.8091 and the July 30 swing low of 0.8039. Overcoming these levels would lead to the next target, the 100-day SMA at 0.7990. Swiss Franc was the strongest among major currencies against the US Dollar today.
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