USD/CHF Price Analysis: Held in a 200-point range, hovering around parity amid a weak dollar

  • USD/CHF will end the week with losses of 0.45%.
  • Failure to recapture 1.0027 would confirm the breakout of the USD/CHF rising wedge, targeting the 200-day EMA at 0.9567.

USD/CHF pulled back from daily highs hit in the North American session around 1.0147 but trimmed gains, falling below 1.0000 towards its daily low at 0.9961, as the Japanese government and Bank of Japan (BoJ) acknowledged have intervened in the currency markets, which pushed the yen against USD/CHF. At the time of writing, USD/CHF is trading at 1.0003, holding on to parity.

USD/CHF Price Forecast

The USD/CHF daily chart shows that the pair broke above the upper trend line of a bearish rising wedge, but pulled back within it, following Bank of Japan intervention. As the BOJ hit the dollar, USD/CHF fell below the lower trend line of the rising wedge, opening the door for further losses. Although USD/CHF trimmed some of its losses, the major pair remains below the trend line mentioned above. Therefore, further bearish action is warranted.

Therefore, the first support of the USD/CHF would be the parity. A break below will immediately expose the daily low of Oct 21 at 0.9961, followed by the 20-day EMA at 0.9928, ahead of 0.9900.

On the other hand, if USD/CHF retraces 1.0027, it would exacerbate a retest of 1.0100 as buyers target the yearly high at 1.0147.

Key USD/CHF Technical Levels

USD/CHF

Overview
last price today 1,001
Today I change daily -0.0022
daily change today -0.22
Daily opening today 1.0032
Trends
daily SMA20 0.9922
daily SMA50 0.9761
daily SMA100 0.9716
daily SMA200 0.9567
levels
Previous daily high 1.0069
Previous Daily Low 0.9995
Previous Weekly High 1.0074
Previous Weekly Low 0.9916
Previous Monthly High 0.9966
Previous Monthly Low 0.948
Daily Fibonacci of 38.2% 1.0023
Daily Fibonacci of 61.8% 1,004
Daily Pivot Point S1 0.9995
Daily Pivot Point S2 0.9958
Daily Pivot Point S3 0.9921
Daily Pivot Point R1 1.0069
Daily Pivot Point R2 1.0106
Daily Pivot Point R3 1.0143

Source: Fx Street

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