Market news
24.01.2022, 19:38

USD/CHF Price Analysis: Trims some of Friday’s losses, hovers around 0.9130s

  • Geopolitical tensions spurred by the Ukraine – Russia crisis favors the US dollar.
  • USD/CHF Technical outlook: Neutral-bearish biased, but a break above 0.9200 would expose the 0.9300 supply zone.

After finishing the last week in the red, the USD/CHF trims some of Friday’s losses amid a risk-off market mood. At press time, the USD/CHF is trading at 0.9135, up some 0.18%.

Factors like the escalating tensions in the Ukraine – Russian conflict and the prospects of the Federal Reserve, tightening monetary policy conditions, boost the greenback to the detriment of the so-called safe-haven status of the Swiss franc. 

In the meantime, the US Dollar Index, a gauge of the greenback’s performance against a basket of its rivals, edges up 0.21%, sitting at 95,854. Contrarily, the US 10-year benchmark note rate slides four and a half basis points, down to 1.731%, helped to put a lid on the upside prospects of the USD/CHF.

USD/CHF Price Forecast: Technical outlook

The daily chart shows that the USD/CHF is neutral-bearish biased. The daily moving averages (DMAs) above the spot price express the bearishness of the pair. However, the DMAs horizontal slope leaves the USD/CHF exposed to upward pressure.

To the upside, the USD/CHF first resistance would be the 200-day moving average (DMA) at 0.9160. A breach of the latter would expose the 50-DMA at 0.9206, followed by the 100-DMA at 0.9211.

On the flip side, the USD/CHF first demand zone would be the 0.9100 figure. A break under that level exposed the 2022 YTD low at 0.9095, followed by November 2, 2021, a daily low at 0.9089.

 

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