USD/CHF stuck just below 0.8900 as Swiss Franc holds steady

The USD/CHF is cycling 0.8880 with the Franc frozen in place after recent gains.
The CHF is up almost 2.2% against the USD peak-to-trough on the week.
Safe haven appetite remains a key theme underpinning market flows, to the benefit of the Franc.

Joshua Gibson FXStreet

The USD/CHF is spreading around the 0.8880 level as market risk appetite sours, but risk flights pull just short of moving their bets on the Swiss Franc (CHF).

The Franc (CHF) has gained appreciably against the US Dollar (USD) recently, with the CHF's safe haven popularity in the EU bloc apparent and the Swiss National Bank (SNB) determined to defend the CHF using outright market purchases as much as necessary.

Despite a backlog of short bets on the CHF, the SNB's backstopping has prevented any meaningful depreciation on the Franc, and despite inflation near 1.7% in the Swiss economy, Switzerland is enjoying an enviable position.

The SNB's steadily hawkish tone and Switzerland's large net account surplus is keeping the USD/CHF pinned in place despite broad-market sentiment shifts.

USD/CHF Technical Outlook

The USD/CHF dropped sharply this week into the 0.8850 neighborhood frrom the 200-day Simple Moving Average (SMA) at the 0.9000 handle, and the pair is testing into multi-month lows, with September's low bids near 0.8800 within reach.

The pair has been etching in a pattern of lower highs since peaking near 0.9250 in early October. The last swing high sits at 0.9050, near the congestion zone of the 200- and 50-day SMAs.

USD/CHF Daily Chart

USD/CHF Technical Level

USD/CHF

Overview
Today last price	0.8881
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	0.8884

Trends
Daily SMA20	0.8988
Daily SMA50	0.9023
Daily SMA100	0.8901
Daily SMA200	0.8995

Levels
Previous Daily High	0.8903
Previous Daily Low	0.8855
Previous Weekly High	0.9046
Previous Weekly Low	0.8954
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.8873
Daily Fibonacci 61.8%	0.8885
Daily Pivot Point S1	0.8858
Daily Pivot Point S2	0.8833
Daily Pivot Point S3	0.881
Daily Pivot Point R1	0.8906
Daily Pivot Point R2	0.8929
Daily Pivot Point R3	0.8954

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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