- USD/CHF extends its rally to five consecutive days.
- USD/CHF: A break of a 4-month old downslope resistance trendline opened the door for a renewed test of 2021 year-to-date high.
The USD/CHF extends its gains the fifth consecutive day, up 0.25%, trading at 0.9355 during the day at the time of writing. Thin liquidity conditions in observance of Thanksgiving in the US keep the pair subdued.
Despite the abovementioned, European bourses closed in the green depicting risk appetite towards equities. Further, US equity futures are trading in the green, while the US Dollar Index, which tracks the buck’s performance against a basket of six rivals, slides 0.11%, sitting at 96.74.
USD/CHF Price Forecast: Technical outlook
The USD/CHF has an upward bias in the daily chart, as shown by the daily moving averages (DMA’s) with an upslope, residing well beneath the spot price. Furthermore, the break of an eight-month-old downslope resistance trendline indicates that the USD/CHF is tilted to the upside, though it would need a daily close above the abovementioned.
In that outcome, the first resistance on the way up would be the psychological 0.9400 figure. A breach of the former would expose the April 1 swing high at 0.9473, followed by the June 29, 2020 cycle high at 0.9528.
On the other hand, failure to hold above 0.9330 would expose the 0.9300 figure. A break below that level would reveal the confluence of the 50-DMA and the November 19 swing low around the 0.9225-50 region, which, once giving way, would leave the 0.9200 as the last line of defense for USD bulls.
|Today last price||0.9356|
|Today Daily Change||0.0017|
|Today Daily Change %||0.18|
|Today daily open||0.9339|
|Previous Daily High||0.9374|
|Previous Daily Low||0.9326|
|Previous Weekly High||0.933|
|Previous Weekly Low||0.9187|
|Previous Monthly High||0.9338|
|Previous Monthly Low||0.9106|
|Daily Fibonacci 38.2%||0.9356|
|Daily Fibonacci 61.8%||0.9344|
|Daily Pivot Point S1||0.9319|
|Daily Pivot Point S2||0.9299|
|Daily Pivot Point S3||0.9271|
|Daily Pivot Point R1||0.9367|
|Daily Pivot Point R2||0.9394|
|Daily Pivot Point R3||0.9414|
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.