- The USD/CHF rises from its minimum of two months but struggles to overcome the key resistance of 0.83.
- The Fed minutes highlight the increase in the risks of stagning, which leads traders to discount 45 basic points of feat cuts.
- The RSI that turns up suggests a weakened bearish pressure; The key support is found at 0.8200 and 0.8184.
The USD/CHF stops its progress after registering consecutive days of profits that led to the torque to its maximum weekly of 0.8290; However, buyers are still in command, although the Tar is close to their opening price at 0.8270.
The publication of the latest minutes of the Federal Reserve showed that the officials agreed that the high economic uncertainty was sufficient to adopt a cautious posture with respect to future adjustments in the Fed fund rate and recognized that the risks of stagflation had increased.
After the announcement of the minutes, the monetary markets had discounted 45 basic points (BPS) of relief by the Federal Reserve.
Forecast of the USD/CHF price: technical perspective
The USD/CHF still has a bassist trend despite registering a rebound that raised to the pair from minimum of about two months of 0.8184 to the mark of 0.83.
The momentum, measured by the relative force index (RSI), suggests that the torque remains bassist, but the RSI that constantly points up could point out that bassists are losing strength.
Given the background, the first resistance of the USD/CHF would be the psychological brand of 0.83. Once surpassed, the next stop would be the maximum of May 1, 0.8332, followed by the Simple Mobile (SMA) of 50 days at 0.8399. With more force, the next ceiling level would be the peak of the month to date (MTD) of 0.8475.
On the contrary, a greater weakness of the USD/CHF could push the price to cash to 0.8200 and below the monthly minimum of 0.8184.
USD/CHF price chart – Diario
Franco Swiss Price this week
The lower table shows the percentage of change of the Swiss Franco (CHF) compared to the main currencies this week. Franco Swiss was the strongest currency in front of the Japanese yen.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.69% | 0.46% | 1.68% | 0.71% | 1.02% | 0.46% | 0.82% | |
| EUR | -0.69% | -0.22% | 1.01% | 0.02% | 0.33% | -0.22% | 0.11% | |
| GBP | -0.46% | 0.22% | 0.94% | 0.24% | 0.55% | 0.00% | 0.35% | |
| JPY | -1.68% | -1.01% | -0.94% | -0.95% | -0.67% | -1.23% | -0.85% | |
| CAD | -0.71% | -0.02% | -0.24% | 0.95% | 0.32% | -0.24% | 0.09% | |
| Aud | -1.02% | -0.33% | -0.55% | 0.67% | -0.32% | -0.59% | -0.20% | |
| NZD | -0.46% | 0.22% | 0.00% | 1.23% | 0.24% | 0.59% | 0.35% | |
| CHF | -0.82% | -0.11% | -0.35% | 0.85% | -0.09% | 0.20% | -0.35% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Swiss Franco from the left column and move along the horizontal line to the US dollar, the percentage change shown in the picture will represent the chf (base)/usd (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
