USD/CHF Price Analysis: Solid above parity, eyeing 2019’s highs above 1.0100

USD/CHF trades above parity for the second consecutive day, following the US CPI report.
The major hit a fresh YTD high of 1.0074, though retraced to the current spot price.
USD/CHF Price Forecast: The uptrend remains intact and could reach 2019 May and April highs; otherwise, it could dive below parity.

Christian Borjon Valencia FXStreet

The USD/CHF oscillates around parity following Thursday’s volatile session, which witnessed the major hitting a YTD high of 1.0074 before retracing to current exchange rates, despite US inflation data, justifying further Fed tightening. At the time of writing, the USD/CHF is trading at 1.0009, above its opening price by 0.04%.

USD/CHF Price Forecast

The daily chart suggests the pair is upward biased, though price action since mid-September and through October formed an ascending wedge, which by the book, is a bearish pattern. However, it is worth noting that successive series of higher highs/lows suggests the uptrend is intact, but a break below the current week low of 0.9915 could open the door for further losses.

Therefore, support levels are 0.9853, the 20-day EMA, followed by October’s 6 0.9780 swing low, ahead of September’s low at 0.9737.

Contrarily, if the USD/CHF breaks above the YTD high at 1.0074, a test of 1.0100 is on the cards. Once cleared, the next resistance levels would be the high of May 20, 2019, at 1.0121, followed by April 26, 2019, high at 1.0230.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	1.0009
Today Daily Change	0.0025
Today Daily Change %	0.25
Today daily open	0.9986

Trends
Daily SMA20	0.982
Daily SMA50	0.9702
Daily SMA100	0.9691
Daily SMA200	0.9543

Levels
Previous Daily High	1.0004
Previous Daily Low	0.9931
Previous Weekly High	0.9954
Previous Weekly Low	0.9781
Previous Monthly High	0.9966
Previous Monthly Low	0.948
Daily Fibonacci 38.2%	0.9976
Daily Fibonacci 61.8%	0.9959
Daily Pivot Point S1	0.9944
Daily Pivot Point S2	0.9901
Daily Pivot Point S3	0.987
Daily Pivot Point R1	1.0017
Daily Pivot Point R2	1.0047
Daily Pivot Point R3	1.009

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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