USD/CHF Price Analysis: Trapped within the 0.9300-49 range on risk-off mood

The USD/CHF falls in the North American session, down 0.05%.
USD/CHF Price Forecast: Range-bound, but if the 0.9349 is broken, a move towards 0.9400 is on the cards.

Christian Borjon Valencia FXStreet

The USD/CHF remains subdued amid a choppy trading session, as the pair seesaws around the 0.9300-47 range, unable of breaking above Wednesday’s high at 0.9349, meaning that consolidation might lie ahead. At the time of writing, the USD/CHF is trading at 0.9332.

Investors’ sentiment is negative, as shown by European and US equities falling. Factors like the Russo-Ukraine war, the global central bank’s tightening monetary conditions in the middle of an elevated inflation scenario, and China’s March PMIs contracting below 50 paint an ugly outlook for Q2 2022.

Nevertheless, the greenback holds to gains, boosted by its safe-haven status on Thursday. The US Dollar Index, a gauge of the buck’s value against its peers, edges up 0.07% and sits at 99.692. The 10-year US Treasury yield rises three basis points, up to 2.633%.

Overnight, the USD/CHF clung to the daily pivot point around 0.9323 and hovered up/down that level, though trendless as USD/CHF traders assessed the pair’s direction.

USD/CHF Price Forecast: Technical outlook

The USD/CHF uptrend remains intact. The daily moving averages (DMAs) reside well below the spot price, though almost horizontally, but sitting beneath the 0.9263 50-DMA.

The 4-hour chart shows that a bullish flag, drawn since March 14 highs around 0.9460, was broken, opening the door for further upside on the USD/CHF pair but consolidated within the central daily pivot at press time the R1 resistance level.

That said, the USD/CHF 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	0.9332
Today Daily Change	-0.0007
Today Daily Change %	-0.05
Today daily open	0.9332

Trends
Daily SMA20	0.9319
Daily SMA50	0.9266
Daily SMA100	0.9237
Daily SMA200	0.9214

Levels
Previous Daily High	0.935
Previous Daily Low	0.9293
Previous Weekly High	0.9382
Previous Weekly Low	0.9195
Previous Monthly High	0.946
Previous Monthly Low	0.915
Daily Fibonacci 38.2%	0.9328
Daily Fibonacci 61.8%	0.9315
Daily Pivot Point S1	0.93
Daily Pivot Point S2	0.9268
Daily Pivot Point S3	0.9244
Daily Pivot Point R1	0.9357
Daily Pivot Point R2	0.9382
Daily Pivot Point R3	0.9414

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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