USD/CHF Price Forecast: Break of 50-day SMA exposes 0.8040
- USD/CHF drops below the 50-day SMA as the Greenback's weakness deepens.
- Bearish RSI signals sellers are in control of short-term price action.
- Recovery above 0.8100 exposes 0.8156 and 0.8200 resistance.
The USD/CHF pair tumbles nearly 0.80% on Thursday as the US Dollar (USD) weakens on rumors of a potential intervention in the FX markets to boost the Japanese Yen. Consequently, the pair fell from around daily highs of 0.8131, extending its losses to the current exchange rate near 0.8065.
USD/CHF Price Forecast: Technical outlook
USD/CHF tumbled below the 50-day Simple Moving Average (SMA) of 0.8090, but so far is retaining its upward bias, as the pair is above a previously broken resistance trendline that has turned into support. Also, the 100- and 200-day SMAs remain below the current exchange rate, meaning that in the medium and long term, the overall trend remains up.
Nevertheless, momentum shifted in the near term. The Relative Strength Index (RSI) turned bearish, an indication that sellers are in charge. Hence, in the short term, further downside is expected unless buyers reclaim key technical resistance areas.
On the downside, the first support for USD/CHF is the July 30 low of 0.8039. Below lies 0.8000, followed by the 100-day SMA at 0.7992 and the 200-day SMA at 0.7934.
On the other hand, if USD/CHF reclaims 0.8100, the next resistance is the September 2 high at 0.8156, before traders test 0.8200.
USD/CHF Price Chart – Daily
Swiss Franc Price Today
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.39% | -0.39% | -1.99% | -0.40% | -0.51% | -0.53% | -0.75% | |
| EUR | 0.39% | -0.00% | -1.63% | -0.06% | -0.11% | -0.20% | -0.37% | |
| GBP | 0.39% | 0.00% | -1.62% | -0.05% | -0.11% | -0.18% | -0.37% | |
| JPY | 1.99% | 1.63% | 1.62% | 1.62% | 1.52% | 1.45% | 1.27% | |
| CAD | 0.40% | 0.06% | 0.05% | -1.62% | -0.11% | -0.17% | -0.35% | |
| AUD | 0.51% | 0.11% | 0.11% | -1.52% | 0.11% | -0.06% | -0.26% | |
| NZD | 0.53% | 0.20% | 0.18% | -1.45% | 0.17% | 0.06% | -0.15% | |
| CHF | 0.75% | 0.37% | 0.37% | -1.27% | 0.35% | 0.26% | 0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
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.
