- USD/CHF rises but remains trapped in the 0.9240-80 range.
- A positive market mood boosts the dollar’s outlook.
- USD/CHF Price Forecast: Capped Within 0.9200-0.9300 Range.
The USD/CHF rises but does not break above Friday’s high of 0.9279 as the pair explores an eleven-month downtrend line. At press time, USD/CHF is trading at 0.9266 during the American session.
Lately, an improved market sentiment, as shown by European and US equities, has buoyed the USD/CHF pair. USD/CHF came close to breaking below the 50-hour SMA, but a positive tone in the markets coupled with renewed demand for the dollar sent the pair back higher. However, it is not out of the woods unless USD/CHF reclaims the 0.9280 area.
USD/CHF Price Forecast: Technical Outlook
USD/CHF bias is neutral to the upside. Its daily chart shows a subsequent series of higher highs/lows since early 2022. The March 31 drop towards the 200-day moving average (DMA) at 0.9209 was rejected, signifying a lack of commitment between buyers/sellers. .
To the upside, the first resistance for USD/CHF would be at 0.9280. Once cleared, a test of the Feb 10 high at 0.9296 is in play, followed immediately by 0.9300. A decisive break would open the door towards the Jan 31 daily high at 0.9343.
On the downside, the first USD/CHF support would be the 50 DMA at 0.9258, followed by the April 1 daily low at 0.9215, and then the 200 DMA at 0.9209.
Technical levels
Source: Fx Street
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