USD/CHF Price Analysis: Subdued around 0.9370s following a volatile session

US Dollar remains weaker, despite upbeat US Nonfarm Payrolls report.
The USD/CHF hit a daily high following the US NFP headline but plunged in the aftermath.
USD/CHF: Break below 0.9370 to pave the way to the 0.9300 figure.

Christian Borjon Valencia FXStreet

The USD/CHF trims some of its earlier losses/gains in a volatile trading session, spurred by a buoyant US Nonfarm Payrolls report for November, which increased the likelihood that the US Federal Reserve (Fed) will keep increasing borrowing costs. Nevertheless, manufacturing activity slowing reignited recession fears in the US economy. Therefore, the USD/CHF fluctuates around 0.9370s at the time of writing.

USD/CHF Price Analysis: Technical outlook

Friday’s session witnessed the USD/CHF rallying to its daily high of 0.9439 once the NFP headline crossed newswires. However, it was used by Swiss Franc (CHF) buyers to open fresh short positions on the USD/CHF, as shown by the major erasing its earlier gains, hoovering back below the psychological 0.9400.

Oscillators like the Relative Strength Index (RSI) at bearish territory is almost flat, suggesting consolidation ahead, while the 9-day Rate of Change (RoC) portrays sellers are in charge.

Therefore, the path of least resistance is downward biased. At the time of typing, the USD/CHF tests August 11 daily low of 0.9370, which, once cleared, could pave the way towards testing the fresh 7-month low of 0.9326, followed by the 0.9300 figure.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9378
Today Daily Change	0.0008
Today Daily Change %	0.09
Today daily open	0.937

Trends
Daily SMA20	0.9563
Daily SMA50	0.9791
Daily SMA100	0.9711
Daily SMA200	0.9641

Levels
Previous Daily High	0.9471
Previous Daily Low	0.9366
Previous Weekly High	0.9598
Previous Weekly Low	0.9388
Previous Monthly High	1.0148
Previous Monthly Low	0.9357
Daily Fibonacci 38.2%	0.9406
Daily Fibonacci 61.8%	0.9431
Daily Pivot Point S1	0.9334
Daily Pivot Point S2	0.9297
Daily Pivot Point S3	0.9228
Daily Pivot Point R1	0.9439
Daily Pivot Point R2	0.9507
Daily Pivot Point R3	0.9544

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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