USD/CHF Price Analysis: Remains bullish despite retreating from daily highs, hovers around 0.9235

The USD/CHF losses some 0.39% in the New York session.
Tuesday’s retracement could be an opportunity for USD bulls if that is the case, as the DMAs remain below the spot price.
USD/CHF Technical outlook: The pair is upward biased, as long as it remains above 0.9167,

Christian Borjon Valencia FXStreet

On Tuesday, the USD/CHF trims some of its weekly gains, retreating from daily highs, as Fed Chief appeared at a hearing for his renomination as the head of the US central bank. At the time of writing, the USD/CHF is trading at 0.9236.

USD/CHF Price Forecast: Technical outlook

The USD/CHF fluctuated between gains and losses in the overnight session, dropping from weekly highs around 0.9270 to the 0.9230s region amid a weak demand of US dollars.

Nevertheless, the USD/CHF is upward biased, so the pullback on Tuesday’s trading session could be an opportunity for USD bulls to re-enter the market if that is the case, supported by the daily moving averages (DMAs), which although seesawing in the last trading days around the spot price, reside below of it.

To the upside, the USD/CHF’s first ceiling would be December 15, 2021, cycle high at 0.9294, close to the psychological 0.93 handle, and a tenth-month-old downslope trendline. The breach of that area would open the door towards the psychological 0.9400 figure, followed by April 1, 2021, daily high at 0.9475.

Conversely, if the USD weakens, the USD/CHF’s first support would be the 0.9200 figure. Once that floor is broken, the next stop for CHF bulls would be the confluence of a one-year-old upslope trendline and the 200-DMA at 0.9167, followed by December 31, 2021, pivot low at 0.9202.

USD/CHF

Overview
Today last price	0.9237
Today Daily Change	-0.0036
Today Daily Change %	-0.39
Today daily open	0.9273

Trends
Daily SMA20	0.9195
Daily SMA50	0.9212
Daily SMA100	0.9215
Daily SMA200	0.9168

Levels
Previous Daily High	0.9275
Previous Daily Low	0.9186
Previous Weekly High	0.9232
Previous Weekly Low	0.9113
Previous Monthly High	0.9295
Previous Monthly Low	0.9102
Daily Fibonacci 38.2%	0.9241
Daily Fibonacci 61.8%	0.922
Daily Pivot Point S1	0.9214
Daily Pivot Point S2	0.9156
Daily Pivot Point S3	0.9125
Daily Pivot Point R1	0.9303
Daily Pivot Point R2	0.9334
Daily Pivot Point R3	0.9392

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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