USD/CHF Price Analysis: Steady around 0.9330s as bulls prepare to reclaim 0.9400

The USD/CHF seesawed in the 0.9327-73 range as the pair failed to conquer 0.9400.
An upbeat market mood was no excuse for the safe-haven Swiss franc to gain vs. the greenback.
USD/CHF Price Forecast: A series of successive higher highs/lows in the 4-hour chart keep the uptrend intact.

Christian Borjon Valencia FXStreet

The greenback gives back most of its weekly gains vs. the Swiss franc, as the USD/CHF gains 0.06% during the day amidst an upbeat market mood. At the time of writing, the USD/CHF is trading at 0.9338.

On Friday, global equities rallied, as Asian and European equities closed with gains. In the US, except for the heavy-tech Nasdaq, most indices are trading in the green as market players disregard Fed tightening and Russo-Ukraine tussles.

Overnight, the USD/CHF opened near the session’s lows early in the Asian Pacific session and since then edged higher, towards the daily high at 0.9373. However, once the North American session began, the pair slid and recorded a new daily low at 0.9327, right at the central daily pivot point.

USD/CHF Price Forecast: Technical outlook

The USD/CHF upward bias remains intact. The daily moving averages (DMAs) reside well below the spot price, though almost horizontally, beneath the 0.0.9264 50-DMA.

So far, the USD/CHF 4-hour chart shows that the spot price keeps trading above the bullish flag and printed successive series of higher highs/lows, meaning that the uptrend remains. In fact, the USD/CHF reached the daily high as the Relative Strength Index (RSI) headed towards 57.34, and since then, RSI consolidated as its slope turned horizontal.

That said, the USD/CHF might print another leg-up, and its first resistance would be 0.9349. A clear break would expose March 27 and 29 highs area around the 0.9370-80 region, which, once broken, might send the pairs towards March 16 daily high at 0.9460, but first would need to reclaim the 0.9400 mark once broken.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9338
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.9339

Trends
Daily SMA20	0.932
Daily SMA50	0.9267
Daily SMA100	0.9238
Daily SMA200	0.9215

Levels
Previous Daily High	0.9348
Previous Daily Low	0.9318
Previous Weekly High	0.9382
Previous Weekly Low	0.9195
Previous Monthly High	0.946
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9336
Daily Fibonacci 61.8%	0.9329
Daily Pivot Point S1	0.9322
Daily Pivot Point S2	0.9304
Daily Pivot Point S3	0.9291
Daily Pivot Point R1	0.9352
Daily Pivot Point R2	0.9365
Daily Pivot Point R3	0.9383

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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