• The Swiss franc is on the driver's seat, as shown by the USD/CHF dropping 1.82%.
  • Sentiment in the FX space fluctuated, with safe-haven peers gaining, except for the JPY.
  • USD/CHF Price Forecast: Subject for a mean reversion move towards 0.9850.

The USD/CHF recovered some ground after falling to fresh weekly lows around 0.9620, bounced off, and reclaimed 0.9700 on Friday. At the time of writing, the USD/CHF is trading at 0.9695, up by 0.38%.

US equities reflected a positive market mood, but in the FX space, the sentiment was mixed. The greenback staged a recovery, as the US Dollar Index reflected, gaining 0.80%, sitting at 104.631. US Treasury yields fell, though they remained above the 3% threshold.

USD/CHF Price Forecast: Technical outlook

The USD/CHF shifted neutral biased after tumbling 400 pips from the parity, just above the 50-day moving average (DMA) at 0.9700. Reinforcing the aforementioned is the position of the Relative Strength Index (RSI), dropping from overbought conditions, under the 50-midline at 47.40. Nevertheless, due to the size of the fall and the USD/CHF tumbling towards the 78.6% Fibonacci level, that would open the door for a mean reversion move near 50% or the 38.2% Fibonacci retracement.

That said, the USD/CHF first resistance would be the 50-DMA at 0.9700. A breach of the latter would expose the 61.8% Fibonacci retracement at 0.9737. Once broken, that would send the pair towards the 50% Fibo level at 0.9797, followed by a re-test of the 38.2% Fibonacci retracement at 0.9857.

Key Technical Levels

USD/CHF

Overview
Today last price 0.9695
Today Daily Change 0.0038
Today Daily Change % 0.39
Today daily open 0.9666
 
Trends
Daily SMA20 0.9715
Daily SMA50 0.9698
Daily SMA100 0.9482
Daily SMA200 0.935
 
Levels
Previous Daily High 0.999
Previous Daily Low 0.963
Previous Weekly High 0.9898
Previous Weekly Low 0.9606
Previous Monthly High 1.0064
Previous Monthly Low 0.9545
Daily Fibonacci 38.2% 0.9767
Daily Fibonacci 61.8% 0.9852
Daily Pivot Point S1 0.9534
Daily Pivot Point S2 0.9402
Daily Pivot Point S3 0.9174
Daily Pivot Point R1 0.9894
Daily Pivot Point R2 1.0121
Daily Pivot Point R3 1.0253

 

 

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