USD/CHF Price Analysis: Bulls have softer road to travel past 0.9200

USD/CHF grinds higher inside monthly triangle, struggling to extend two-day uptrend.
Sustained break of 10-DMA, bullish MACD signals keep buyers hopeful.
USD/CHF buyers lurk around six-week-old descending support line.

Anil Panchal FXStreet

USD/CHF bulls take a breather around 0.9210 during Monday’s sluggish Asian session, following a two-day uptrend, as traders await this week’s bumper data/events. Also challenging the Swiss Franc (CHF) pair is the return of Chinese traders after a one-week-long Lunar New Year (LNY) holiday.

It’s worth noting that the quote marked the first daily closing beyond the 10-DMA since January 11 the previous day. That said, the upside break of the short-term key moving average joins the bullish MACD signals to suggest the USD/CHF pair’s further upside.

However, a symmetrical triangle formation connecting levels marked since January 06 restricts short-term USD/CHF moves between 0.9235 and 0.9170.

It should be observed that a downward-sloping support line from December 14, 2022, close to 0.9125 by the press time, acts as an extra filter towards the north.

In a case where the USD/CHF bears dominate past 0.9125, the 0.9100 round figure and the monthly low of 0.9085 could act as the last defense of the buyer.

On the flip side, a successful break of the 0.9235 hurdle could propel the USD/CHF buyers toward the monthly peak surrounding 0.9410. It’s worth observing that the August 2022 low near 0.9370 acts as an extra filter towards the north.

USD/CHF: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9209
Today Daily Change	-0.0003
Today Daily Change %	-0.03%
Today daily open	0.9212

Trends
Daily SMA20	0.9245
Daily SMA50	0.9318
Daily SMA100	0.9569
Daily SMA200	0.9632

Levels
Previous Daily High	0.924
Previous Daily Low	0.919
Previous Weekly High	0.928
Previous Weekly Low	0.9158
Previous Monthly High	0.9471
Previous Monthly Low	0.9201
Daily Fibonacci 38.2%	0.9221
Daily Fibonacci 61.8%	0.9209
Daily Pivot Point S1	0.9188
Daily Pivot Point S2	0.9164
Daily Pivot Point S3	0.9139
Daily Pivot Point R1	0.9238
Daily Pivot Point R2	0.9264
Daily Pivot Point R3	0.9287

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold holds above $4,000/three-month low as Fed hike bets and firm USD cap upside

Gold struggles to capitalize on its modest recovery from levels below the $4,000 psychological mark, or a three-month low set earlier this Friday, and retains a bearish tone through the first half of the European session. Federal Reserve officials recently signaled there is no urgency to raise interest rates. Traders, however, are still pricing in around an 80% chance that the US central bank will raise borrowing costs again at its December policy meeting.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Week ahead – Central bank and earnings bonanza could roil markets

Fed, ECB and BoJ to sit on the sidelines after September hikes. But RBNZ and BoC poised to lift borrowing costs. Inflation data out of the US, Japan, Australia to also be important. UK budget: no surprises would be good news for the Pound.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.