USD/CHF Price Analysis: Double top in the hourly chart opens the door towards 0.9280

The USD/CHF erases Monday losses courtesy of market sentiment improvement and a softer USD.
Falling US Treasury yields undermine the greenback, as the DXY falls below the 99.00 mark.
USD/CHF Price Forecast: Upward biased in the daily chart, but a double top in the hourly chart, suggest a correction towards 0.9280.

Christian Borjon Valencia FXStreet

The USD/CHF erases Monday’s gains amid an improved market mood courtesy of advancement in peace talks in Eastern Europe and a softer US dollar, underpinned by falling US Treasury yields. At the time of writing, the USD/CHF is trading at 0.9304.

Reflection of the greenback’s weakness is portrayed by the US Dollar Index, falling almost 1%, sitting at 98.246. US Treasury yields eased from highs, a headwind for the USD/CHF.

The USD/CHF remained buoyant overnight in the Asian and early European session and reached a daily high at 0.9373. But headlines that Russia-Ukraine negotiations progressed, and the possibility of a Putin – Zelenskiy reunion, improved the market mood; thus, traders rushed out from US dollars which lifted the prospects of the Swiss franc, dragging the pair towards lows of 0.9310s.

USD/CHF Price Forecast: Technical outlook

The daily chart depicts the USD/CHF as upward biased, but Tuesday’s price action threatens to engulf the previous bullish candle, which could lead to further losses.

Meanwhile, the USD/CHF 1-hour chart depicts the formation of a double top near the 0.9373 area, double-tested on Monday and Tuesday, which pushed the USD/CHF below the double-top neckline, which is located at 0.9326, exposing the 0.9300

That said, the USD/CHF first support would be 0.9300. Breach of the latter would expose the double-top measured target at 0.9280.

Hourly chart

USD/CHF

Overview
Today last price	0.9304
Today Daily Change	-0.0036
Today Daily Change %	-0.39
Today daily open	0.9339

Trends
Daily SMA20	0.93
Daily SMA50	0.9252
Daily SMA100	0.9233
Daily SMA200	0.9212

Levels
Previous Daily High	0.9382
Previous Daily Low	0.9293
Previous Weekly High	0.9376
Previous Weekly Low	0.926
Previous Monthly High	0.9297
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9348
Daily Fibonacci 61.8%	0.9327
Daily Pivot Point S1	0.9294
Daily Pivot Point S2	0.9249
Daily Pivot Point S3	0.9206
Daily Pivot Point R1	0.9383
Daily Pivot Point R2	0.9427
Daily Pivot Point R3	0.9472

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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