Struggles at 0.9280s but remains steady around 0.9260s
- The USD/CHF edges higher but remains trapped between the 0.9240-80 range.
- A positive market mood boosts the prospects of the greenback.
- USD/CHF Price Forecast: Range-bound within the 0.9200-0.9300 range.
The USD/CHF grinds higher but fails to break above Friday’s peak at 0.9279 as the pair probes an eleven-month-old downslope trendline. At press time, the USD/CHF is trading at 0.9266 during the North American session.
Of late, an improved market sentiment, as portrayed by European and US equities, lifted the USD/CHF pair. The USD/CHF was about to break below the 50-hour simple moving average (SMA), but a positive tone in the markets, alongside renewed demand for the greenback, lifted the pair back up. Nevertheless, it is not outside the woods unless the USD/CHF reclaims the 0.9280 area.
USD/CHF Price Forecast: Technical outlook
The USD/CHF bias is neutral-upwards. Its daily chart depicts a subsequent series of higher highs/lows since the beginning of 2022. March 31 dip towards the 200-day moving average (DMA) at 0.9209 was rejected, forming a “spinning top” candlestick, meaning failure to commit between buyers/sellers.
Upwards, the USD/CHF first resistance would be 0.9280. Once cleared, a test of February 10 high at 0.9296 is on the cards, immediately followed by 0.9300. A decisive break would open the door toward January 31 daily high at 0.9343.
On the downside, the USD/CHF first support would be the 50-DMA at 0.9258, followed by April 1 daily low at 0.9215, and then the 200-DMA at 0.9209.
