- Swiss franc extends weekly losses on the week as USD/CHF rose 0.87%.
- Russo-Ukrainian jitters and Fed speech dominate headlines.
- USD/CHF Price Forecast: Break of 0.9500 could open the door towards 0.9600.
The USD/CHF is spiking and hit a fresh 22-month high around 0.9506 during the American session, courtesy of a firm US dollar, amid a mixed market mood. At the time of writing, the USD/CHF is trading at 0.9503.
As US stocks trading in the green show, market sentiment is positive. The conflict between Russia and Ukraine continues to dominate the headlines, as the White House said there could be new sanctions against Russia this week. Meanwhile, the US dollar remains buoyant in the session, buoyed by the St. Louis Fed’s Bullard, who said inflation is “too high” and reiterated that the Fed needs to break above neutral, around 3.50%. .
On Tuesday, Chicago Fed President Charles Evans said the US economy “will do very well even if they raise rates.” Evans added that he supports a “couple” of 50bp hikes, which could lift rates to the neutral 1.25%-2.50%.
Later that day, Swiss National Bank (SNB) President Thomas Jordan said that inflation expectations are well anchored, but there could be some risk to price stability in Switzerland. He commented that energy prices and supply chain disruptions would significantly affect Switzerland’s price stability.
Apart from this, USD/CHF remained higher, opening near the 0.9440 area and is pushing towards 0.9500, as the safe-haven pair’s Swiss Franc and Japanese Yen continue to take a beating on the day.
USD/CHF Price Forecast: Technical Outlook
The USD/CHF daily chart shows the pair trending up. As USD/CHF broke through the yearly high at 0.9460 and the April 1, 2021 cycle high at 0.9472, it opened the door for a move towards 0.9500 and beyond.
That said, the first resistance for USD/CHF would be the June 30, 2020 cycle high at 0.9533. A break of the latter would expose the 0.9600 level, followed by a June 5, 2020 daily high of 0.9650.
Technical levels
USD/CHF
| Panorama | |
|---|---|
| Last Price Today | 0.9511 |
| Today’s Daily Change | 0.0063 |
| Today’s Daily Change % | 0.67 |
| Today’s Daily Opening | 0.9448 |
| Trends | |
|---|---|
| 20 Daily SMA | 0.9323 |
| 50 Daily SMA | 0.9286 |
| 100 Daily SMA | 0.9243 |
| 200 Daily SMA | 0.9221 |
| levels | |
|---|---|
| Previous Daily High | 0.9453 |
| Previous Daily Minimum | 0.9421 |
| Previous Maximum Weekly | 0.9443 |
| Previous Weekly Minimum | 0.9287 |
| Monthly Prior Maximum | 0.946 |
| Previous Monthly Minimum | 0.915 |
| Daily Fibonacci 38.2% | 0.9441 |
| Daily Fibonacci 61.8% | 0.9433 |
| Daily Pivot Point S1 | 0.9428 |
| Daily Pivot Point S2 | 0.9408 |
| Daily Pivot Point S3 | 0.9396 |
| Daily Pivot Point R1 | 0.946 |
| Daily Pivot Point R2 | 0.9473 |
| Daily Pivot Point R3 | 0.9492 |
Source: Fx Street
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