USD/CHF Price Analysis: To probe the YTD high at 0.9460 on a choppy session

The USD/CHF begins the week in positive territory, up 0.25%.
USD/CHF Price Forecast: Tilted to the upside, and if it reclaims 0.9500, a move towards 0.9800 is on the cards.

Christian Borjon Valencia FXStreet

The Swiss franc extends its losses as depicted by the USD/CHF rising in the North American session, amidst a downbeat sentiment, courtesy of geopolitics, a strong US dollar, and rising US Treasury yields, a tailwind for the USD/CHF. At the time of writing, the USD/CHF is trading at 0.9444.

The market sentiment remains dampened on geopolitics surrounding the conflict between Russia and Ukraine. Ukraine President Volodymyr Zelenskyy said that peace talks are at a dead end and would end if Russia destroyed the Ukrainian troops in Mariupol. At the same time, the Ukrainian Foreign Minister Kuleba said that talks at the Foreign Ministry level have not happened in weeks, so a truce appears unexpected to occur in the near term.

Also read: USD/CHF sticks to modest gains near one-month high, just below mid-0.9400s

In the Asian session, the USD/CHF opened near the day’s lows, seesawing around the daily pivot at 0.9420s, and traded in a 30-pip range upwards, around the 0.9420-55 area.

USD/CHF Price Forecast: Technical outlook

From a technical perspective, the USD/CHF is tilted to the upside and would exacerbate a move towards 0.9800 if USD/CHF bulls reclaim 0.9500. Oscillators remain in the bullish area, with the Relative Strength Index (RSI) at 67.71, though short of reaching overbought conditions.

Upwards, the USD/CHF first resistance would be the YTD high at 0.9460. A breach of the latter would expose 0.9500, followed by June’s 2020 cycle highs at 0.9533 and then the 0.9600 mark.

Technical levels to watch

USD/CHF

Overview
Today last price	0.9444
Today Daily Change	0.0013
Today Daily Change %	0.14
Today daily open	0.9433

Trends
Daily SMA20	0.9317
Daily SMA50	0.9281
Daily SMA100	0.9241
Daily SMA200	0.922

Levels
Previous Daily High	0.9443
Previous Daily Low	0.9413
Previous Weekly High	0.9443
Previous Weekly Low	0.9287
Previous Monthly High	0.946
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9432
Daily Fibonacci 61.8%	0.9425
Daily Pivot Point S1	0.9416
Daily Pivot Point S2	0.9399
Daily Pivot Point S3	0.9386
Daily Pivot Point R1	0.9447
Daily Pivot Point R2	0.946
Daily Pivot Point R3	0.9477

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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