USD/CHF Price Analysis: Retreats from Wednesday’s daily tops around 0.9370 down to 0.9350s

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.

Christian Borjon Valencia FXStreet

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.

USD/CHF

Overview
Today last price	0.9356
Today Daily Change	0.0017
Today Daily Change %	0.18
Today daily open	0.9339

Trends
Daily SMA20	0.9206
Daily SMA50	0.9235
Daily SMA100	0.9196
Daily SMA200	0.9175

Levels
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

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.

AUD/USD meets fresh supply and tests 0.7100 amid weak Australian PMIs

AUD/USD has come under fresh selling pressure and is testing 0.7100 in the Asian session on Wednesday. Australia's flash PMIs showed manufacturing slipped into contraction and services expanding slowly for a second straight month, renewing the pair's downside. Furthermore, a bullish US Dollar acts as a headwind for the pair as traders keenly await the crucial Trump-Xi summit on Thursday. Meanwhile, markets shrug off US-Iran indirect talks.

USD/JPY stands firm near mid-157.00s, close to two-week high

USD/JPY hovers around mid-157.00s in the Asian session on Wednesday, near two-week highs touched last Friday as the BoJ's dovish rate hike continues to undermine the Japanese Yen. Meanwhile, the US Dollar remains firm amid the Fed's hawkish stance, adding support to the pair, though JPY intervention fears cap further gains. Markets pay little heed to the completion of the round of US-Iran indirect talks ahead of Trump-Xi meeting.

Gold approaches $4,300 as Fed hike bets boost USD to fresh high since late July

Gold extends its steady intraday slide through the first half of the European session, reversing a part of the previous day's recovery from sub-$4,300 levels. US Dollar buying remains unabated on the back of the Federal Reserve's hawkish outlook, which is seen as a key factor driving flows away from the non-yielding yellow metal.

Bitcoin outperforms US equities and Gold since mid-August

Bitcoin (BTC) extends its rally, trading above $86,000 at the time of writing on Wednesday after gaining more than 6% so far this week. Strong institutional demand is supporting BTC’s bullish price action, with spot Exchange Traded Funds (ETFs) recording over $714 million in inflows on Tuesday after nearly $1 billion in positive flows the previous day.

S&P Global PMIs expected to show resilient US economic growth in September

S&P Global will release on Wednesday its preliminary September Purchasing Managers' Indices (PMIs) for the United States, based on surveys of top private sector executives, to provide an early indication of economic momentum. The data is expected to highlight US economic resilience.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.