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USD/CHF Price Forecast: Looking for direction around 0.8050

  • The US Dollar steadied around 0.8050 against the Swiss Franc on Tuesday.
  • A brighter market mood is weighing on the Swiss Franc.
  • Weak US data and Fed easing hopes are keeping US Dollar bulls in check.

The US Dollar remains practically flat around 0.8050 on Tuesday after whipsawing between 0.8070 and 0.8000 over the previous two trading days. The immediate trend remains bearish, from 0.8100 highs, but the long wicks in the daily chart highlight an indecisive market, and technical indicators support that view.

US macroeconomic data released on Monday failed to support the US Dollar (USD). Business activity in the manufacturing sector contracted for the ninth consecutive month, adding pressure on the US Federal Reserve to cut interest rates further. A somewhat brighter market mood on Tuesday, however, is weighing on the CHF and providing some support to the US Dollar.

Technical Analysis: USD/CHF is trapped between 0.8000 and 0.8070

The USD/CHF trades at 0.8044, practically unchanged on the daily chart. The Moving Average Convergence Divergence (MACD) has turned marginally positive and holds around the zero line, suggesting tentative bullish momentum as the MACD line edges above the signal line. The Relative Strength Index (RSI) remains hovering around the 50 line, showing a lack of a clear bias.

The pair's correction from the 0.8100 area has found support at the 0.0800 psychological level, right above the 50% Fibonacci retracement of the mid-November uptrend and the November 19 low, at 0.7985. Further down, the target is the November 18 low, near 0.7935.

To the upside, the mentioned 0.8070 level (November 28 low) needs to give way to shift the focus back towards the November 23 and 25 highs, at the 0.8100 area ahead of the August peak, at 0.8130.

(The technical analysis of this story was written with the help of an AI tool)

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 Japanese Yen.

USDEURGBPJPYCADAUDNZDCHF
USD-0.02%0.07%0.33%0.07%-0.12%0.16%-0.04%
EUR0.02%0.10%0.36%0.09%-0.10%0.18%-0.01%
GBP-0.07%-0.10%0.25%-0.01%-0.21%0.09%-0.11%
JPY-0.33%-0.36%-0.25%-0.27%-0.45%-0.18%-0.37%
CAD-0.07%-0.09%0.00%0.27%-0.19%0.09%-0.10%
AUD0.12%0.10%0.21%0.45%0.19%0.28%0.08%
NZD-0.16%-0.18%-0.09%0.18%-0.09%-0.28%-0.20%
CHF0.04%0.01%0.11%0.37%0.10%-0.08%0.20%

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

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.

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