• USD/CHF extends its weekly gains to 1.98% after the Fed and SNB monetary policy decisions.
  • The major break above the 0.9600-0.9700 range, registering a fresh weekly high at 0.9851.
  • The USD/CHF path of least resistance is upwards; once it clears 0.9851, a re-test of 0.9900 is on the cards.

The USD/CHF advanced during Friday’s North American session, gaining 0.60%, courtesy of a risk-off impulse spurred by fears of a global economic slowdown and the Fed’s aggression as the US central bank struggles to temper inflation from around 40-year highs. At the time of writing, the USD/CHF is trading at 0.9836.

USD/CHF Price Analysis: Technical outlook

The central bank frenzy witnessed the Fed and the Swiss National Bank (SNB) hiking rates. Even though the SNB finished the period of negative rates, it wasn’t enough, according to market participants, which bought the USD/CHF, lifting the pair towards fresh weekly highs around 0.9851. Nevertheless, USD/CHF buyers have been unable to crack last week’s high at 0.9869, which could open the door for further gains.

Short term, the USD/CHF 4-hour chart, shifted from neutral to neutral-upward biased once the pair rallied above 0.9800, after trading sideways, in the 0.9600-0.9700 area throughout the week. Albeit the Relative Strength Index (RSI) got into overbought conditions, the USD/CHF upward bias remains intact.

Therefore, the USD/CHF first resistance is the weekly high at 0.9851. Break above will expose the R1 daily pivot at 0.9870, followed by the psychological 0.9900 mark.

On the other hand, the USD/CHF first support will be the daily pivot point at 0.9766. A breach of the latter will send the pair sliding to the 20-EMA at 0.9719, ahead of the 0.9700 figure.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price 0.9824
Today Daily Change 0.0054
Today Daily Change % 0.55
Today daily open 0.977
 
Trends
Daily SMA20 0.9698
Daily SMA50 0.9631
Daily SMA100 0.9687
Daily SMA200 0.9494
 
Levels
Previous Daily High 0.9851
Previous Daily Low 0.9622
Previous Weekly High 0.9661
Previous Weekly Low 0.948
Previous Monthly High 0.9808
Previous Monthly Low 0.9371
Daily Fibonacci 38.2% 0.9763
Daily Fibonacci 61.8% 0.9709
Daily Pivot Point S1 0.9644
Daily Pivot Point S2 0.9519
Daily Pivot Point S3 0.9416
Daily Pivot Point R1 0.9873
Daily Pivot Point R2 0.9976
Daily Pivot Point R3 1.0102

 

 

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