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USD/CHF hits two-day highs near 0.9250

  • The Swiss franc, among the worst performers on Friday.
  • USD/CHF heads for weekly loss, but far from lows.
  • EUR/CHF extends its rebound and approaches parity.

The USD/CHF It went up on Friday, but it’s still going down for the week. The pair rose to 0.9234, hitting the highest level in two days and then pulled back towards 0.9200 amid a weaker US dollar.

In weekly terms, the pair is back less than 50 points, after recovering from 0.9080. The weekly close far from the low shows some difficulties for the Swiss franc to extend the rally.

the dollar goes down

The dollar lost momentum after the close of the session in London and the US economic data. Existing Home Sales fell in December from 4.08 million to 4.02 million in December, above the 3.96 million market consensus.

Kansas City Federal Reserve President Esther George said Friday that the US economy is responding to the Fed’s actions. She added that it is encouraging to see inflation coming down, but cautioned that they have to be more patient with the time to assess whether inflation is on a sustainable downward path.

The president of the Swiss National Bank (SNB), Thomas Jordan, declared on Friday that “the absolute priority must be to reduce inflation to the level of price stability.” He added that he will not hesitate to reset negative interest rates to deal with negative inflation.

Commerzbank analysts expect the USD/CHF to rise in the coming months, reaching 0.95 in June and see it ending the year at 0.94 and resuming the bullish path in 2024.

EUR/CHF rose sharply on Friday, approaching the parity zone again. “Inflation in Switzerland has become more benign of late, which means that the SNB may have reached the end of its rate hike cycle soon. Instead, the ECB is likely to rein in monetary policy for a bit longer. Therefore, we have adjusted our forecasts for the EUR/CHF slightly upwards,” Commerzbank analysts note. They see the cross at 1.01 in June and 1.02 in September.

technical levels


Last price today 0.9221
Today I change daily 0.0064
today’s daily variation 0.70
today’s daily opening 0.9157
daily SMA20 0.9269
daily SMA50 0.9349
daily SMA100 0.9602
daily SMA200 0.964
previous daily high 0.919
previous daily low 0.9147
Previous Weekly High 0.9363
previous weekly low 0.9167
Previous Monthly High 0.9471
Previous monthly minimum 0.9201
Fibonacci daily 38.2 0.9163
Fibonacci 61.8% daily 0.9173
Daily Pivot Point S1 0.914
Daily Pivot Point S2 0.9122
Daily Pivot Point S3 0.9097
Daily Pivot Point R1 0.9182
Daily Pivot Point R2 0.9207
Daily Pivot Point R3 0.9225

Source: Fx Street

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