- USD/CHF reached a daily high around 0.9381, pulled back towards 0.9340 at the end of the European session.
- Despite the drop in US Treasury yields, the US Dollar Index remains above 99.00.
- USD/CHF Price Forecast: Bias Bullish, although a break above 0.9381 would further cement the bias.
The USD/CHF remains buoyant after a positive Asian and European session, which saw the dollar strengthen, pushing the pair to a daily high of around 0.9381, but lately pulled back a little above the daily high of Jan 31, which was locates at 0.9342. At the time of writing, the USD/CHF is trading at 0.9353.
Reflecting the above for the dollar, the US Dollar Index is up 0.27% to 99.068. The 10-year US Treasury yield is losing a basis point, at 2.462%, capping USD/CHF gains as bulls eyed the 0.9400 level, though as yields pulled back , so did the dollar.
Overnight, USD/CHF rallied from the first tick of the Asian session to the mid-European session, when some USD selling pressure entered around the daily highs, pushing the pair towards the 200 SMA. hours at 0.9339.
USD/CHF Price Forecast: Technical Outlook
The daily chart shows that the USD/CHF is biased to the upside. Furthermore, the 1 hour chart shows that USD/CHF traders leaned on the confluence of the daily high of Mar 24 and the 200 hour SMA, a demand zone, which lifted the pair above 0.9340.
The first resistance of the USD/CHF would be an ascending trend line, drawn from the beginning of March 2022, which passes around 0.9360-65. Once cleared, the next resistance would be the daily high at 0.9381, followed by the 0.9400 mark.
Additional technical levels
Source: Fx Street
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