- USD/CHF holds steady around 0.8860 in the early European session on Wednesday.
- The bullish outlook remains intact as the pair stays above the 100-day EMA, supported by a bullish RSI.
- The first resistance level is seen at 0.8938, while initial support is located in the 0.8800-0.8795 range.
The USD/CHF pair remains steady around 0.8860 during the early European session on Wednesday, with traders awaiting key US events this week. Market attention is focused on US Federal Reserve Chair Jerome Powell’s speech later today, followed by Friday's release of the US November employment data, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings.
On the daily chart, USD/CHF maintains a bullish tone, supported by trading above the 100-day Exponential Moving Average (EMA). The 14-day Relative Strength Index (RSI) is above the midline at 58.00, indicating that the path of least resistance remains to the upside.
Immediate resistance is located at the upper boundary of the Bollinger Band at 0.8938. A break above this level could lead to further gains towards 0.8957, the high from November 22. The psychological 0.9000 level remains a significant hurdle for the bulls.
On the downside, initial support is found in the 0.8800-0.8795 zone, marking a round number and the November 29 low. A sustained move below this support could expose further losses towards the 0.8745-0.8735 range, near the lower Bollinger Band and the 100-day EMA.
USD/CHF daily chart
