USD/CHF pinning into fresh six-month highs over 0.9200

The USD/CHF has cleared 0.9200 and is roping in its highest prices in six months.
The CHF continues to swoon on the back of a dovish SNB.
Greenback getting supported by upbeat US data.

Joshua Gibson FXStreet

The USD/CHF is on track to close in the green for the eleventh straight week as the Greenback (USD) picks up further steam against the Swiss Franc (CHF). US data beats continue to bolster the USD, and rising US Treasury yields on the back of concerns over a potential US government shutdown are adding fuel to the US Dollar fire.

On the CHF side, the Swiss National Bank (SNB) recently surprised markets with an unexpected freeze on rate hikes, and the SNB's rate hike cycle appears to be well and truly over as inflation slumps below the Swiss central bank's 2% target and the Swiss domestic economy continues to show signs of weakness.

Markets see US data up, Swiss data down

US Durable Goods Orders surprised to the upside on Wednesday, with the headline figure for August printing 0.2%, a healthy rebound from the previous 5.6% decline and landing above the market forecast -0.5%.

Next up on the economic calendar for the USD will be Thursday's Gross Domestic Product (GDP) figures, forecast to hold steady at 2.1% for the second quarter.

Friday sees Swiss Retail Sales for the annualized period into August, which last printed at -2.2%, while the US Core Personal Consumption Expenditure (PCE) Price Index is expected to hold in-line with the previous reading of 0.2%.

USD/CHF technical outlook

The USD/CHF has climbed nearly 8% from July's lows near 0.8555, and prices have vaulted cleanly over the 200-day Simple Moving Average (SMA) near 0.9050.

the 0.9200 region is a neighborhood that plagued the USD/CHF with heavy consolidation in 2021.

Despite the recent rise on the charts, the USD/CHF still remains down almost 2.5% on the year, and buyers will need to overcome 2023's cap before moving further.

USD/CHF daily chart

USD/CHF technical levels

USD/CHF

Overview
Today last price	0.9216
Today Daily Change	0.0058
Today Daily Change %	0.63
Today daily open	0.9158

Trends
Daily SMA20	0.895
Daily SMA50	0.8828
Daily SMA100	0.889
Daily SMA200	0.9033

Levels
Previous Daily High	0.9159
Previous Daily Low	0.9117
Previous Weekly High	0.9078
Previous Weekly Low	0.8932
Previous Monthly High	0.8876
Previous Monthly Low	0.869
Daily Fibonacci 38.2%	0.9143
Daily Fibonacci 61.8%	0.9133
Daily Pivot Point S1	0.913
Daily Pivot Point S2	0.9102
Daily Pivot Point S3	0.9088
Daily Pivot Point R1	0.9172
Daily Pivot Point R2	0.9187
Daily Pivot Point R3	0.9215

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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