USD/CHF Price Analysis: Break of a 4-month old trendline, opens the door for a re-test of 0.9473


  • USD/CHF extends its rally to four consecutive days, marching towards 0.9400.
  • The US Dollar Index climbs towards 96.90, ahead of FOMC minutes.
  • USD/CHF: A break of a 4-month old downslope resistance trendline opened the door for a renewed test of 2021 year-to-date high.

The USD/CHF extends its gains for four days in a row, advancing firmly towards the 0.9400 figure, up 0.26%, trading at 0.9356 during the New York session at the time of writing. A risk-off market mood maintains safe-haven currencies firmly bid, except for the Swiss franc and the Japanese yen, posting losses against the buck.

In the meantime, the US Dollar Index (DXY), which tracks the greenback’s performance against a basket of its peers, advances 0.43%, sitting at 96.90.

USD/CHF Price Forecast: Technical outlook

The USD/CHF has an upward bias in the daily chart, as shown by the daily moving averages (DMA’s) with an upslope, residing well beneath the spot price. Also, Wednesday’s break of an eight-month-old downslope resistance trendline indicates that the USD/CHF is firmly heading towards the 2021 year-to-date high at 0.9473.

The first resistance on the way north would be the psychological 0.9400 figure. A breach of the former would expose the April 1 swing high at 0.9473, followed by the June 29, 2020 cycle high at 0.9528.

On the flip side, failure to break over the abovementioned would expose the 0.9300 figure. A break below that level would reveal the confluence of the 50-DMA and the November 19 swing low around the 0.9225-50 region, which once gave way, it would leave the 0.9200 as the last line of defense for USD bulls.

USD/CHF

Overview
Today last price 0.9356
Today Daily Change 0.0024
Today Daily Change % 0.26
Today daily open 0.9332
 
Trends
Daily SMA20 0.9198
Daily SMA50 0.9232
Daily SMA100 0.9195
Daily SMA200 0.9173
 
Levels
Previous Daily High 0.9344
Previous Daily Low 0.9301
Previous Weekly High 0.933
Previous Weekly Low 0.9187
Previous Monthly High 0.9338
Previous Monthly Low 0.9106
Daily Fibonacci 38.2% 0.9328
Daily Fibonacci 61.8% 0.9318
Daily Pivot Point S1 0.9307
Daily Pivot Point S2 0.9283
Daily Pivot Point S3 0.9264
Daily Pivot Point R1 0.9351
Daily Pivot Point R2 0.9369
Daily Pivot Point R3 0.9394

 

 

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