- The USD/CHF seesawed in the 0.9327-73 range as the pair failed to conquer 0.9400.
- An upbeat market mood was no excuse for the safe-haven Swiss franc to gain vs. the greenback.
- USD/CHF Price Forecast: A series of successive higher highs/lows in the 4-hour chart keep the uptrend intact.
The greenback gives back most of its weekly gains vs. the Swiss franc, as the USD/CHF gains 0.06% during the day amidst an upbeat market mood. At the time of writing, the USD/CHF is trading at 0.9338.
On Friday, global equities rallied, as Asian and European equities closed with gains. In the US, except for the heavy-tech Nasdaq, most indices are trading in the green as market players disregard Fed tightening and Russo-Ukraine tussles.
Overnight, the USD/CHF opened near the session’s lows early in the Asian Pacific session and since then edged higher, towards the daily high at 0.9373. However, once the North American session began, the pair slid and recorded a new daily low at 0.9327, right at the central daily pivot point.
USD/CHF Price Forecast: Technical outlook
The USD/CHF upward bias remains intact. The daily moving averages (DMAs) reside well below the spot price, though almost horizontally, beneath the 0.0.9264 50-DMA.
So far, the USD/CHF 4-hour chart shows that the spot price keeps trading above the bullish flag and printed successive series of higher highs/lows, meaning that the uptrend remains. In fact, the USD/CHF reached the daily high as the Relative Strength Index (RSI) headed towards 57.34, and since then, RSI consolidated as its slope turned horizontal.
That said, the USD/CHF might print another leg-up, and its first resistance would be 0.9349. A clear break would expose March 27 and 29 highs area around the 0.9370-80 region, which, once broken, might send the pairs towards March 16 daily high at 0.9460, but first would need to reclaim the 0.9400 mark once broken.