USD/CHF Price Forecast: Pulls-back from eight-month high of 0.9200

• USD/CHF retreats 0.18% from peak, unable to hold gains despite positive U.S. economic reports.
• Technical analysis: resistance at 0.9135; further gains possible if surpassed.
• Support levels at 0.9098 and 0.9077; critical support at January low of 0.9007.

The USD/CHF retreats after hitting an eight-month peak at 0.9200 and drops towards the 0.9100 mark, registering losses of over 0.18%. Upbeat data from the United States (US) failed to bolster the Greenback, which extended its losses following dovish remarks from Fed Governor Christopher Waller.

USD/CHF Price Forecast: Technical outlook

Since October of last year, the USD/CHF enjoyed a healthy uptrend, with the Greenback appreciating over 9% against the Swiss Franc. However, buyers failed to prolong the trend, as the pair tumbled to a six-day low on Wednesday at 0.9077 before recovering some ground.

Although the pair is set to end Thursday’s session with losses, further upside is seen after achieving a higher low, with prices finding acceptance near the 0.9098-0.9135 range.

If buyers clear 0.9135, the next resistance will be the January 13 daily high at 0.9200, the top of a ‘shooting star.’ If broken, the next ceiling level will be the April 2024 peak at 0.9224.

Conversely, if USD/CHF remains below 0.9100, the first support would be 0.9098 and 0.9077. If those levels are taken out, look for a possible bounce at 0.9007, the January 6 swing low.

USD/CHF Price Chart - Daily