• USD/CHF recovers from a 120 pip drop from the European session.
  • Lower US T-bond yields capped the recovery of the USD/CHF pair.
  • USD/CHF: A daily close above the Wednesday low increases the odds for another leg-up.

The USD/CHF trims Thursday’s losses barely declines 0.09%, trading at 0.9234 during the New York session at the time of writing. The Swiss franc strengthened against the greenback earlier in the European session, sending the pair tumbling towards Thursday’s daily low at 0.9198. However, despite still below the day’s open, the buck is staging a comeback and jumped almost 120 pips from the daily lows.

Meanwhile, the US Dollar Index, which measures the greenback’s performance against a basket of its peers, is slumping 0.05%, at 93.97, underpinned by the US T-bond 10-year yield struggling to hold to the 1.5’% threshold, sits at 1.519%, down three basis points.

USD/CHF Price Forecast: Technical outlook

Daily chart

The USD/CHF is in an uptrend, depicted by the daily chart, showing the daily moving averages (DMA’s) located below the spot price, acting as dynamic support levels. In fact, Thursday’s price action briefly broke below the 50-DMA, which lies at 0.9215 but bounced off, approaching Wednesday’s low of 0.9235.

For dollar buyers to resume the upward trend, they need a daily close above the Wednesday low. In that outcome, the USD/CHF will find its first resistance at 0.9300. A breach of the latter could push the pair towards the confluence of the March 9 and the September 30 highs around the 0.9375-0.9368 area, which was unsuccessfully tested two times.

On the other hand, failure at the Wednesday low could send the pair tumbling towards the 50-DMA. A sustained break below that level could push the USD/CHF towards the 100 and the 200-DMA, at 0.9166 and 0.9132, respectively.

The Relative Strenght Index (RSI) is at 47, edging slightly low, indicating that USD/CHF could have another leg down.

KEY ADDITIONAL LEVELS TO WATCH

USD/CHF

Overview
Today last price 0.9234
Today Daily Change -0.0008
Today Daily Change % -0.09
Today daily open 0.9242
 
Trends
Daily SMA20 0.9278
Daily SMA50 0.9212
Daily SMA100 0.9163
Daily SMA200 0.913
 
Levels
Previous Daily High 0.931
Previous Daily Low 0.9235
Previous Weekly High 0.9318
Previous Weekly Low 0.9231
Previous Monthly High 0.9368
Previous Monthly Low 0.9116
Daily Fibonacci 38.2% 0.9264
Daily Fibonacci 61.8% 0.9282
Daily Pivot Point S1 0.9215
Daily Pivot Point S2 0.9188
Daily Pivot Point S3 0.914
Daily Pivot Point R1 0.929
Daily Pivot Point R2 0.9338
Daily Pivot Point R3 0.9365

 

 

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 

EUR/USD News

GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 

GBP/USD News

XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more

Forex MAJORS

Cryptocurrencies

Signatures