USD/CHF Price Analysis: Hovers around 0.9350 as bull’s eye 0.9380s
- The USD/CHF reached a daily high around 0.9381, retreated towards 0.9340s late in the European session.
- Despite falling US Treasury yields, the US Dollar Index remains above the 99.00 mark.
- USD/CHF Price Forecast: Upward biased, though a break above 0.9381 would further cement the bias.
The USD/CHF keeps buoyant after a positive Asian and European session, which witnessed the greenback’s strength, pushing the pair up to the daily high around 0.9381, but of late retreated just over January 31 daily high, which sits at 0.9342. At the time of writing, the USD/CHF is trading at 0.9353.
Reflection of the abovementioned about the buck, the US Dollar Index is advancing 0.27%, up at 99.068. The 10-year US Treasury yield is losing one basis point, at 2.462%, putting a lid on the USD/CHF gains, as bulls were aiming towards the 0.9400 mark, though as yields retreated, so did the buck.
Overnight, the USD/CHF surged from the first tick of the Asian session until the mid-European one, when some USD selling pressure entered around the daily highs, pushing the pair towards the 200-hour simple moving average (SMA) at 0.9339.
USD/CHF Price Forecast: Technical outlook
The daily chart depicts the USD/CHF as upward biased. Also, the 1-hour chart shows that USD/CHF traders leaned over the confluence of the March 24 daily high and the 200-hour SMA, a demand zone, that lifted the pair above the 0.9340s.
The USD/CHF first resistance would be an upslope trendline, drawn from the beginning of March 2022, which passes around 0.9360-65. Once cleared, the next resistance would be the daily high at 0.9381, followed by the 0.9400 mark.
