USD/CHF Price Forecast: Bearish pressure eases but 0.8185 keeps holding bulls
- USD/CHF has found strong support above 0.8130 but remains unable to break resistance around 0.8185.
- Swiss consumer confidence deteriorated to its lowest level in four years in October.
- US Dollar's bearish traction is waning, but bulls remain hesitant so far.
The US Dollar (USD) posts marginal gains against the Swiss Franc (CHF) on Friday, but remains trapped within previous ranges, with the doji candles in the daily chart showing a hesitant market. The USD/CHF has found significant support at the 0.8130-08150 area, but is failing to extend gains beyond 0.8185, which keeps the broader bearish trend intact.
Swiss data released on Friday supported the pair, as the SECO Consumer Climate Index deteriorated to -42 points in the three months previous to October, its weakest reading in the last four years, down from -35 in the previous month. Apart from that, Swiss Foreign Currency Reserves declined to 759 billion in October from 770 billion in September.
The US Dollar, on the other hand, is drawing some support from the risk-off mood amid the tech-led sell-off in equity markets, with traders bracing for a strong US Nonfarm payrolls report later on Friday, following a string of upbeat labour market releases earlier this week.
Technical Analysis: Resistance at 0.8185 keeps the bearish bias intact
USD/CHF trades at 0.8174, holding under nearby horizontal resistance at 0.8185, which leaves the broader negative trend intact. Momentum indicators show incipient positive traction as the 4-hour Relative Strength Index (14) approaches the 50 midline, and the Moving Average Convergence Divergence (MACD) edged up above zero. The bullish momentum, however, is still fragile.
The pair needs to break the mentioned 0.8185 area (Wednesday's and Thursday's highs), and the November 3 high at 0.8217 to give a chance to an upside correction. On the downside, A clear break of Wednesday's low of 0.8127 brings the early September lows, in the 0.8050-0.8070 area, into focus.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.34% | 0.42% | 0.24% | 0.42% | 0.74% | 0.90% | 0.14% | |
| EUR | -0.34% | 0.07% | -0.11% | 0.09% | 0.41% | 0.55% | -0.20% | |
| GBP | -0.42% | -0.07% | -0.17% | 0.01% | 0.34% | 0.48% | -0.27% | |
| JPY | -0.24% | 0.11% | 0.17% | 0.20% | 0.52% | 0.66% | -0.08% | |
| CAD | -0.42% | -0.09% | -0.01% | -0.20% | 0.32% | 0.46% | -0.28% | |
| AUD | -0.74% | -0.41% | -0.34% | -0.52% | -0.32% | 0.14% | -0.60% | |
| NZD | -0.90% | -0.55% | -0.48% | -0.66% | -0.46% | -0.14% | -0.73% | |
| CHF | -0.14% | 0.20% | 0.27% | 0.08% | 0.28% | 0.60% | 0.73% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
