- The USD/CHF cuts some of Monday’s losses amidst a mixed market sentiment.
- Falling US Treasury yields weigh on the greenback, which losses against most currencies except the Swiss franc.
- USD/CHF Price Forecast: Range-bound within 0.9300-70 amid the lack of a fresh impulse.
The USD/CHF advances for the second consecutive day and is about to trim Monday’s losses amid a mixed market mood as portrayed by European and US equities fluctuating between gainers and losers as global bond yields fall. In the FX space, safe-haven peers remain the laggards, while the greenback remains defensive against most peers but the Swiss franc. At the time of writing, the USD/CHF is trading at 0.9333.
Meanwhile, US Treasury yields remain downward pressured, with the 10-year benchmark note down from 2.788% highs to 2.672%, a headwind for the greenback, as the US Dollar Index, a gauge of the buck’s value vs. six currencies, edges down 0.25%, sitting at 100.069.
USD/CHF Price Forecast: Technical outlook
Overnight, the USD/CHF was subdued In the Asian Pacific session, but in the European one, it edged up above the R1 daily pivot, lying at 0.9353, forming a tweezer-top candlestick chart pattern, which dragged the USD/CHF down towards the 100-hour simple moving average (SMA) at 0.9332.
Meanwhile, the USD/CHF daily chart depicts the pair as upward biased, but it has remained consolidated in the 0.9300-70 area since April 6, amidst the lack of a catalyst.
Upwards, the USD/CHF’s first resistance would be the March 28 daily high at 0.9381. A breach of the latter would expose the psychological 0.9400 level, followed by the YTD high at 0.9460. On the downside, the USD/CHF first support would be 0.9300. A decisive break would expose the 50-day moving average (DMA) at 0.9270, followed by the 100-DMA at 0.9234 and the 200-DMA at 0.9213.
Technical levels to watch
|Today last price||0.9333|
|Today Daily Change||0.0006|
|Today Daily Change %||0.06|
|Today daily open||0.9331|
|Previous Daily High||0.9345|
|Previous Daily Low||0.9287|
|Previous Weekly High||0.9374|
|Previous Weekly Low||0.9238|
|Previous Monthly High||0.946|
|Previous Monthly Low||0.915|
|Daily Fibonacci 38.2%||0.9323|
|Daily Fibonacci 61.8%||0.9309|
|Daily Pivot Point S1||0.9297|
|Daily Pivot Point S2||0.9263|
|Daily Pivot Point S3||0.9239|
|Daily Pivot Point R1||0.9355|
|Daily Pivot Point R2||0.9379|
|Daily Pivot Point R3||0.9413|
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