USD/CHF remains subdued on Friday; however, the pair is trading below 0.8000 and is set to conclude the week with modest gains exceeding 0.25%. Currently, the pair is trading at 0.7956, showing minimal movement.
USD/CHF is currently at 0.7956, remaining unchanged for the day while showing an increase of 0.25% over the week. The price is constrained by the 20- and 50-day SMAs in the range of 0.7974–0.7984; a breakout may challenge the 0.8000 level. Key support is identified at 0.7873, with the annual low positioned at 0.7829.
The USD/CHF pair has shown signs of consolidation throughout this week. Traders are encountering significant resistance at the intersection of the 20 and 50-day Simple Moving Average at 0.7974/84. A break above the latter could propel the pair towards 0.8000. The momentum indicates a bearish trend, as illustrated by the Relative Strength Index, which is fluctuating below the 50 neutral level.
To maintain a bearish trend, it is essential for traders to surpass the swing low of 0.7873 established on October 17. If exceeded, the subsequent support level would be the annual low of 0.7829. On the other hand, should USD/CHF rise above 0.8000, the initial resistance level would be the 100-day SMA at 0.8022, succeeded by the high from October 8 at 0.8076 and the 0.8100 mark.