USD/CHF Price Analysis: Pares last Friday’s gains as bull’s eye 0.9270
- The USD/CHF surges near 1% during the New York session.
- A risk-off market mood keeps the US dollar as the most sought safe-haven asset, the DXY above 99.00.
- USD/CHF Technical Outlook: Approaches an eleven-month-old downslope trendline around 0.9275-0.9300.
USD/CHF reversed last week’s 1% losses so far on Monday’s North American session, bouncing of 0.9160s, lows reaching a daily high at 0.9272, to then settling at the time of writing, at 0.9256, for a 1% gain. Market player’s focus remains in Eastern Europe, as the third round of talks was underway. Late in the week, Foreign Ministers of Ukraine/Russia would meet in Turkey on Thursday.
In the meantime, Russia/Ukraine hostilities persist; the US Dollar Index, a gauge of the greenback’s value vs. its peers, reached a YTD high at 99.418, but at press time sits at 99.152 for a 0.66% gain.
During the overnight session for North American traders, the USD/CHF rallied once the Asian Pacific session began, followed by a consolidation around 0.9200, rallying afterward towards 0.9272, retreating to current levels.
USD/CHF Price Forecast: Technical outlook
The USD/CHF keeps neutral biased, but it is approaching an eleven-month-old downslope trendline around the 0.9275-0.9300. Nevertheless, the USD/CHF unsuccessfully tested the 0.9265-95 area on seven previous occasions, making it a problematic resistance level to overcome.
That said, the USD/CHF first resistance would be 0.9270-90 region. Breach of the latter would expose the abovementioned trendline. Once is cleared, the next resistance would be January 31 daily high at 0.9343, followed by November 24, 2021, high at 0.9373.
