- USD/CHF is near weekly highs, advancing 0.27%.
- The failure of the talks between Russia and Ukraine negatively tilted the market mood.
- USD/CHF Technical Outlook: Neutral Bullish Bias, Though Downside Risk Remains.
The USD/CHF overnight saw a fresh weekly high above 0.9300 but has pulled back 20 pips so far as market sentiment turned negative on reports that Russian-Ukrainian discussions in Turkey failed to make the expected breakthrough by market players. At 0.9289, USD/CHF reflects the aforementioned risk-off mood.
Meanwhile, European and US stock markets are paring Wednesday’s gains, down between 1.16% and 3.19%, while the US dollar index, a gauge of the dollar’s value against a basket of six rivals, he recovered 98, around 98.31, rising as much as 0.35%
Aside from this, USD/CHF overnight jumped from Thursday’s daily low of 0.9256 to 0.9280, but pulled back towards the 100 hourly simple moving average (SMA). When the US inflation figures were released, the pair jumped above 0.9300, though paring those gains, stabilizing around 0.9275.
USD/CHF Price Forecast: Technical Outlook
USD/CHF is in a tight trading range between 0.9250 and 0.9300, propping up an eleven-month downtrend line, but above it. It is worth mentioning that the daily moving averages (DMAs) are below the spot price in a bullish order, so the path of least resistance could be to the upside in the short term.
The first resistance of the USD/CHF would be 0.9300. The break of the latter would expose the daily high of November 24, 2021 at 0.9373, followed by 0.9400.
Additional technical levels
Source: Fx Street
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