We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/CY7vQwuEL1
  • So far this week, #GBP has been the best-performing #G10 currency against #USD with +0.78% spot-returns while #NOK has been the worst with -0.96% [delayed]
  • 🇳🇿 NZD Credit Card Spending (YoY) (DEC), Actual: 3.4% Expected: N/A Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-01-24
  • Heads Up:🇳🇿 NZD Credit Card Spending (YoY) (DEC) due at 02:00 GMT (15min), Actual: N/A Expected: N/A Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-01-24
  • My trading video for today: '$EURUSD, $USDJPY and $AUDNZD Absorb ECB, Risk Trends, Key Data' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/24/EURUSD-USDJPY-and-AUDNZD-Absorb-ECB-Risk-Trends-Key-Data.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/jmks6CdRNI
  • The Indonesian Rupiah outperformed Thursday as the Bank of Indonesia held rates unchanged and the central bank noted that the economic cycle passed its bottom, welcoming #Rupiah appreciation as in line with the fundamentals #ASEAN #USDIDR #Indonesia
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here: https://t.co/Bup64Arva9 https://t.co/R867zN295e
  • My #ASEAN-based US Dollar index has been aiming higher this week following positive RSI divergence (fading downside momentum). Fears of the #coronovirus have been denting regional sentiment, pushing the haven-linked Greenback higher. Dominant downtrend still holds (red line) #USD https://t.co/Au70xCZq8Z
  • Japan's Prime Minister Shinzo Abe: Will do all possible to prevent spread of virus in Japan -BBG
  • 🇯🇵 JPY Nikkei Japan PMI Manufacturing (JAN P), Actual: 49.3 Expected: N/A Previous: 48.4 https://www.dailyfx.com/economic-calendar#2020-01-24
USD/CHF, EUR/CHF: Consolidation Awaits A Break - EUR & USD vs CHF Price

USD/CHF, EUR/CHF: Consolidation Awaits A Break - EUR & USD vs CHF Price

2019-12-02 15:00:00
Mahmoud Alkudsi, Market Analyst
Share:

EUR/CHF & USD/CHF Technical Analysis

Did you check our latest forecasts on USD and EUR and Gold? Find out more for free from our Q4 forecasts for commodities and main currencies

USD/CHF, EUR/CHF - Price Action

On Friday, USD/CHF rallied to 1.0023 – its highest level in over eight weeks. The price closed the weekly candlestick with a 0.2% gain. Similarly, EUR/CHF printed three weeks high at 1.1023 then closed the week’s session with 0.2% gain.

The Relative Strength Index (RSI) remained flat above 50 on both pairs, highlighting weak buyers in a bullish market.

Just getting started?See our Beginners’ Guide for FX traders

USD/CHF Daily Price Chart (NOV 8, 2017 – DEC 2, 2019) Zoomed Out

EURCHF price daily chart 02-12-19 Zoomed out

USD/CHF Daily Price Chart (July 1– DEC 2, 2019) Zoomed IN

USDCHF price daily chart 02-12-19 Zoomed in

Looking at daily chart, we notice on early Oct USD/CHF printed its highest level in five months at 1.0028, then failed to rally further. Later, the price declined as buyers exited the market.

On Friday, similar scenario happened. Therefore, the price could be on its way for a test of the low end of current trading zone 0.9930 – 1.0008. Further close below 0.9922 could lead more buyers to abandon the market and would open the door for sellers to take charge and press towards the vicinity of 0.9660-52. Although, the weekly daily support level underlined on the chart should be monitored.

That said, any failure in closing below the low end of the zone could reverse the price’s direction, sending USD/CHF towards the high end. Further close above 1.0015 could lead more buyers to enter the market and push towards the vicinity of 1.0112-18. Yet, the weekly resistance levels marked on the chart should be kept in focus.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

EUR/CHF Daily Price Chart (Oct 10, 2017 – DEC 2, 2019) Zoomed Out

EURCHF price daily chart 02-12-19 Zoomed out

EUR/CHF Daily Price Chart (July 1 – DCE 2, 2019) Zoomed IN

EURCHF price daily chart 02-12-19 Zoomed in.

From the daily chart, we notice on Nov 19 EUR/CHF rallied then closed above the 50-day average, since then the price has been moving ineffectively. On Friday, the moved to a higher trading zone 1.1001- 1.1057 hinting to rally to a multi- month high.

Hence, a close above 1.1063 could send the pair towards 1.1190. Although, bullish momentum could weaken at the marked areas marked on the chart (zoomed in) as some buyers could take profit at these points.

That said, A close below 1.0950 would mean buyer’s hesitation and could send EURCHF towards 1.0826. Further close below this level may convince more sellers to join the market and press towards 1.0623. In that scenario, the daily and weekly support levels underscored on the chart should be considered.

Join Me on Friday, DEC 6 at 14:00 GMT. In this session we will talk about most common directional and momentum indicators and how to use them

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.