- The USD/CHF fall ended after three consecutive days amid a risk-off market mood.
- The rise of the 10-year US Treasury yield underpins the greenback.
- USD/CHF is neutral biased, but a bullish-engulfing candle pattern may open the door for an upside move; otherwise, it could challenge August 2021 monthly lows.
The USD/CHF snaps three straight days of losses, edges higher during the New York session, trading at 0.9139 at press time. A risk-off market mood, increased demand for safe-haven assets, usually benefits the CHF and the JPY, but not on Friday, with the USD recovering from earlier week losses.
The USD Dollar Index, a gauge of the greenback’s performance against six other currencies, advances som 0.29%, up to 95.96, underpinned by the 10-year benchmark note, which is rising 3.4 basis points, sitting at 1.754%.
USD/CHF Price Forecast: Technical outlook
The USD/CHF daily chart depicts the consolidation of the pair inside an ascending channel; even though it was “pierced” on the bottom trendline, USD bears have not achieved a daily close under 0.9080.
If USD/CHF Friday’s daily close engulf Thursday’s candlestick price action, an upward move may be on the cards. In that outcome, the first resistance would be the 200-day moving average (DMA) previously broke at 0.9167. An aforementioned break would expose the confluence of th3 50 and the 100-DMA in the 0.9210-12 range, which once gave way to USD bulls, would send the pair rallying towards December 15, 2021 daily high at 0.9294.
Contrarily, failure of the abovementioned scenario would keep the USD/CHF neutral-downward biased. The USD/CHF first line of defense would be 0.9100. A breach of the latter would exert further downside pressure on the pair, exposing crucial support levels. The next one would be November 2, 2021, daily low at 0..9084, followed by August 4, 2021, cycle low at 0.9018.
|Today last price||0.9139|
|Today Daily Change||0.0025|
|Today Daily Change %||0.27|
|Today daily open||0.9114|
|Previous Daily High||0.9149|
|Previous Daily Low||0.9092|
|Previous Weekly High||0.9232|
|Previous Weekly Low||0.9113|
|Previous Monthly High||0.9295|
|Previous Monthly Low||0.9102|
|Daily Fibonacci 38.2%||0.9114|
|Daily Fibonacci 61.8%||0.9127|
|Daily Pivot Point S1||0.9088|
|Daily Pivot Point S2||0.9061|
|Daily Pivot Point S3||0.9031|
|Daily Pivot Point R1||0.9144|
|Daily Pivot Point R2||0.9175|
|Daily Pivot Point R3||0.9201|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD continues to trade in positive territory above 1.0700
EUR/USD has managed to stay in positive territory above 1.0700 despite having retreated modestly in the early American session. ECB President Lagarde reiterated that inflation in the Eurozone is projected to remain too high for too long, helping the Euro keep its footing.
Gold falls below $1,980 as US yields rebound
Gold price has turned south and dropped below $1,980 after having rallied to a fresh multi-month high of $2,010 earlier in the day. The 10-year US Treasury bond yield has turned positive on the day near 3.5% following the sharp decline seen in the European session and weighed on XAU/USD.
GBP/USD rises to fresh multi-week highs above 1.2250
GBP/USD has gathered bullish momentum and advanced to its highest level since mid-February above 1.2250 on Monday. The US Dollar struggles to find demand following a mixed opening in Wall Street and allows the pair to cling to its daily gains.
Bitcoin price primed to revisit $33,000 as global market turmoil rages on
Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022. It looks inevitable that BTC will soon take out $30,000 and march higher.
UBS ends Credit Suisse Crisis with $3.25 billion buyout, CS stock purchased for 0.76 CHF
CS is no more. Over the weekend the Swiss National Bank organized a buyout of the struggling bank by the only other Swiss lending giant – UBS.