USD/CHF Price Analysis: Subdued around 0.9420 as a falling wedge emerges

USD/CHF consolidates around 0.9380-9450s amidst the lack of a catalyst.
USD/CHF Price Analysis: Break above the 200-EMA could pave the way towards 0.9550.

Christian Borjon Valencia FXStreet

The USD/CHF hit a fresh three-day high at 0.9455 but shifted downwards as US Treasury bond yields weakened the US Dollar (USD) against the Swiss Franc (CHF). At the time of writing, the USD/CHF is trading at 0.9419., below its opening price by a minuscule 0.07%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is downward biased, though it’s forming a falling wedge that suggests prices would break to the upside. Of note, the USD/CHF registered a new 8-month low of around 0.9326 last Friday, and so far, the USD/CHF has remained subdued around 0.9320-0.9455.

Oscillators like the Relative Strength Index (RSI) is almost flat at bearish territory, while the Rate of Change (RoC) suggests that selling pressure is fading. If the USD/CHF breaks above 0.9455, that could open the door toward 0.9500.

Short term, the USD/CHF 1-hour chart depicts the pair as neutral-upward biased. The EMAs are almost flat, around the spot price, though the 200-EMA at 0.9436 has been acting as solid resistance as prices tumbled around that area. Break above the latter could open the door towards the 0.9500 figure, followed by the November 30 daily high at 0.9547. As an alternate scenario, the USD/CHF first support would be the intersection of the 20 and 50-EMAs around 0.9411-13, followed by the 100- EMA at 0.9405 and the 0.9400 mark.

USD/CHF

Overview
Today last price	0.9419
Today Daily Change	-0.0015
Today Daily Change %	-0.16
Today daily open	0.9434

Trends
Daily SMA20	0.9512
Daily SMA50	0.9772
Daily SMA100	0.9704
Daily SMA200	0.9643

Levels
Previous Daily High	0.9435
Previous Daily Low	0.933
Previous Weekly High	0.9548
Previous Weekly Low	0.9326
Previous Monthly High	1.0148
Previous Monthly Low	0.9357
Daily Fibonacci 38.2%	0.9395
Daily Fibonacci 61.8%	0.937
Daily Pivot Point S1	0.9365
Daily Pivot Point S2	0.9296
Daily Pivot Point S3	0.9261
Daily Pivot Point R1	0.9469
Daily Pivot Point R2	0.9504
Daily Pivot Point R3	0.9573

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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