USD/CHF Price Analysis: Seesawed in a 200-pip range, hovers around parity amid a soft US Dollar

USD/CHF is set to finish the week with losses of 0.45%.
Failure to reclaim 1.0027 would confirm the USD/CHF rising wedge break, which would target the 200-day EMA at 0.9567.

Christian Borjon Valencia FXStreet

USD/CHF retraces from daily highs reached in the North American session around 1.0147 but trimmed its gains, plunging below 1.0000 towards its daily low at 0.9961, as the Japanese government and the Bank of Japan (BoJ) recognized intervening in the FX markets, propelling the yen a headwind for the USD/CHF. At the time of writing, the USD/CHF is trading at 1.0003, clinging to parity.

USD/CHF Price Forecast

The USD/CHF daily chart illustrates the pair broke above the top-trendline of a bearish rising wedge, though retraced within, on the BoJ intervention. As the BoJ hit the greenback, the USD/CHF tumbled below the bottom-trendline of the rising wedge, opening the door for further losses. Albeit the USD/CHF trimmed some of its losses, the major remains below the previously-mentioned trendline. So further downward action is warranted.

Therefore, the USD/CHF first support would be the parity. Break below will immediately expose the October 21 daily low at 0.9961, followed by the 20-day Exponential Moving Average (EMA) at 0.9928, ahead of 0.9900.

On the other hand, if the USD/CHF reclaims 1.0027, it would exacerbate a re-test of 1.0100, as buyers target the YTD high at 1.0147.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	1.001
Today Daily Change	-0.0022
Today Daily Change %	-0.22
Today daily open	1.0032

Trends
Daily SMA20	0.9922
Daily SMA50	0.9761
Daily SMA100	0.9716
Daily SMA200	0.9567

Levels
Previous Daily High	1.0069
Previous Daily Low	0.9995
Previous Weekly High	1.0074
Previous Weekly Low	0.9916
Previous Monthly High	0.9966
Previous Monthly Low	0.948
Daily Fibonacci 38.2%	1.0023
Daily Fibonacci 61.8%	1.004
Daily Pivot Point S1	0.9995
Daily Pivot Point S2	0.9958
Daily Pivot Point S3	0.9921
Daily Pivot Point R1	1.0069
Daily Pivot Point R2	1.0106
Daily Pivot Point R3	1.0143

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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