USD/CHF Price Analysis: Bounces off weekly-lows reclaims 0.9100

The USD/CHF fall ended after three consecutive days amid a risk-off market mood.
The rise of the 10-year US Treasury yield underpins the greenback.
USD/CHF is neutral biased, but a bullish-engulfing candle pattern may open the door for an upside move; otherwise, it could challenge August 2021 monthly lows.

Christian Borjon Valencia FXStreet

The USD/CHF snaps three straight days of losses, edges higher during the New York session, trading at 0.9139 at press time. A risk-off market mood, increased demand for safe-haven assets, usually benefits the CHF and the JPY, but not on Friday, with the USD recovering from earlier week losses.

The USD Dollar Index, a gauge of the greenback’s performance against six other currencies, advances som 0.29%, up to 95.96, underpinned by the 10-year benchmark note, which is rising 3.4 basis points, sitting at 1.754%.

USD/CHF Price Forecast: Technical outlook

The USD/CHF daily chart depicts the consolidation of the pair inside an ascending channel; even though it was “pierced” on the bottom trendline, USD bears have not achieved a daily close under 0.9080.

If USD/CHF Friday’s daily close engulf Thursday’s candlestick price action, an upward move may be on the cards. In that outcome, the first resistance would be the 200-day moving average (DMA) previously broke at 0.9167. An aforementioned break would expose the confluence of th3 50 and the 100-DMA in the 0.9210-12 range, which once gave way to USD bulls, would send the pair rallying towards December 15, 2021 daily high at 0.9294.

Contrarily, failure of the abovementioned scenario would keep the USD/CHF neutral-downward biased. The USD/CHF first line of defense would be 0.9100. A breach of the latter would exert further downside pressure on the pair, exposing crucial support levels. The next one would be November 2, 2021, daily low at 0..9084, followed by August 4, 2021, cycle low at 0.9018.

USD/CHF

Overview
Today last price	0.9139
Today Daily Change	0.0025
Today Daily Change %	0.27
Today daily open	0.9114

Trends
Daily SMA20	0.9185
Daily SMA50	0.9214
Daily SMA100	0.9215
Daily SMA200	0.9166

Levels
Previous Daily High	0.9149
Previous Daily Low	0.9092
Previous Weekly High	0.9232
Previous Weekly Low	0.9113
Previous Monthly High	0.9295
Previous Monthly Low	0.9102
Daily Fibonacci 38.2%	0.9114
Daily Fibonacci 61.8%	0.9127
Daily Pivot Point S1	0.9088
Daily Pivot Point S2	0.9061
Daily Pivot Point S3	0.9031
Daily Pivot Point R1	0.9144
Daily Pivot Point R2	0.9175
Daily Pivot Point R3	0.9201

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold rises above $4,950 as US-Iran tensions boost safe-haven demand

Gold price holds positive ground near $4,985 during the early Asian session on Thursday. The precious metal recovers amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Zora launches attention markets on Solana network

Zora has launched a new attention markets feature on the Solana network, allowing users to trade and speculate on emerging online cultural trends.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.