USD/CHF Price Forecast: Bulls set to probe 0.9400 as they eye 2021 yearly high
|- The USD/CHF begins the week on the right foot up 0.12%.
- The Swiss franc was unable to capitalize on soft US dollar demand.
- USD/CHF Price Forecast: Neutral, but a daily close above 0.9373, would expose 0.9400 and 2021 yearly high around 0.9472.
The USD/CHF rallies and threatens November 24, 2021, daily high at 0.9373, amid a risk-off market mood. Broad safe-haven keeps the greenback buoyant, despite the fall of the US Dollar index, which is down 0.34%. At the time of writing, the USD/CHF is trading at 0.9358.
Overnight, the USD/CHF began around the day’s lows, near 0.9330s, though weak demand for the US dollar pushed the pair near the 0.9360 area, where it currently stands. Worth noting that the 50-simple moving average (SMA) in the 1-hour chart, around 0.9320, acted as solid support, so in the case of aiming down, that would be a crucial demand level to overcome.
USD/CHF Price Forecast: Technical outlook
The USD/CHF bias is still neutral, slightly tilted upwards. To further cement the “neutral-upwards,” the pair need a daily close above 0.9373. IF that scenario plays out, the USD/CHF first resistance would be 0.9400. Once breached, the next resistance would be April 2021 swing high at 0.9472, followed by the 0.9500 mark, and June 30 cycle high at 0.9533.
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