USD/CHF Price Analysis: Firmly above the 50 and the 100-DMA, climbs up to 0.9240s

• The USD/CHF rises some 0.34% during the day, boosted by risk appetite.
• USD/CHF Technical Outlook: It has a neutral bias, remains range-bound amid the lack of a catalyst.

During the New York session, the USD/CHF climbs some 0.34%, trading at 0.9242 at the time of writing. A risk-on market mood, as witnessed by the greenback strengthening against safe-have peers like the CHF and the JPY, boosts its prospects of higher prices.

Omicron-related news, with vaccines helping tame the previous-mentioned coronavirus strain improved investors’ mood. Furthermore, through the New York session, the US Food and Drug Administration (FDA) is set to authorize Pfizer and Merck Covid-19 treatment pills this week. 

In the meantime, the US Dollar Index, which tracks the buck’s value versus six rivals, is flat, sitting at 96.55. at the same time, US bond yields are rising strongly, with the 10-year rallying six basis points at 1.48% in the last four hours.

USD/CHF Price Forecast: Technical outlook

The USD/CHF daily chart depicts that the pair have remained in consolidation for the last 17 trading days, in the 0.9160-0.9265 range, sometimes piercing through price extremes, like the December 15 high at 0.9293. At press time, the USD/CHF pair has a neutral bias.

Upwards, the first demand zone would be 0.9290. A decisive break of that level would expose the 78.6% Fibonacci retracement at 0.9327, followed by the November 24 high at 0.9373.

On the flip side, the confluence of the 50 and the 100-day moving averages (DMAs) around the 0.9205-15 range would be the first demand area. A breach of the latter would open the door towards the 0.9200 figure, immediately followed by the 200-DMA at 0.9176.