USD/CHF Price Analysis: A 50-pip jump broke all the DMAs, clinging to a high in 0.9220s

The USD/CHF keeps fluctuating this week, but Russian invasion increased demand for the greenback, up 0.64%on the day.
USD/CHF Technical Outlook: The pair in the short-term is upwards, but geopolitical headlines rule price action, caution is warranted.

Christian Borjon Valencia FXStreet

On Thursday, the USD/CHF rallies from the 0.9170 area towards 0.9250 on safe-haven flows attributed to Russia’s invasion of Ukraine. This began during the start of the Asian session and impacted negatively on market mood. At time of press, the USD/CHF is trading at 0.9225.

During the Asian session, we had the UN security council meeting, and as the meeting was taking place, Russian President Vladimir Putin released a speech announcing a special military operation in Ukraine, aiming to de-militarize the country.

How is Russian-Ukraine war impacting financial markets? Follow our live coverage updates!

Market’s reaction

The USD/CHF has barely moved in the initial reaction to the headline. Nevertheless, as the European session gets underway, the pair has jumped 50+ pips, reaching a daily high of 0.9247.

USD/CHF Price Forecast: Technical outlook

The USD/CHF is neutral on the daily chart from a technical perspective. During the day, so far it has broken upwards, leaving behind all the daily moving averages (DMAs), although it is worth noting that it broke above these four trading days ago.

Current geopolitical developments suggest taking a short-term look due to the volatility implied in such events. The USD/CHF one-hour chart depicts the pair broke ALL the simple moving averages (SMAs) and will lean on the February 23 high and the 200-hour SMA confluence around the 0.9212-18 as first support. As long as the pair remains above, upward moves towards the daily high at 0.9247 might be on the cards. Otherwise, bearish sentiment will overtake USD/CHF's current bullishness.

Upwards, the USD/CHF resistance levels lie at the daily high of 0.9247, followed by February 16 high at 0.9261, and February 15 daily high at 0.9274. On the flip side, the first support would be the abovementioned 0.9212-18 area, followed by the figure at 0.9200 and today’s daily low at 0.9172.

USD/CHF

Overview
Today last price	0.9222
Today Daily Change	0.0040
Today Daily Change %	0.44
Today daily open	0.9182

Trends
Daily SMA20	0.9235
Daily SMA50	0.9202
Daily SMA100	0.9211
Daily SMA200	0.918

Levels
Previous Daily High	0.9219
Previous Daily Low	0.9168
Previous Weekly High	0.9274
Previous Weekly Low	0.9188
Previous Monthly High	0.9343
Previous Monthly Low	0.9092
Daily Fibonacci 38.2%	0.9188
Daily Fibonacci 61.8%	0.9199
Daily Pivot Point S1	0.916
Daily Pivot Point S2	0.9139
Daily Pivot Point S3	0.9109
Daily Pivot Point R1	0.9211
Daily Pivot Point R2	0.924
Daily Pivot Point R3	0.9262

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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