USD/CHF Price Analysis: Rising wedge broken would send the pair towards 0.9550

• The USD/CHF break below the bottom-trendline exerts downward pressure on the pair.
• USD/CHF Key support levels lie at 20, 50, and 100-DMAs, around 0.9899, 0.9741, and 0.9705, respectively.
• USD/CHF Price Forecast: The rising wedge targets a drop to the 200-DMA at around 0.9550s.

As the Asian Pacific session began, the USD/CHF tumbled below the bottom-trendline of a rising wedge on the daily chart, which could pave the way for further losses. Therefore, the USD/CHF is trading at 0.9933, slightly up by 0.05%, at the time of typing.

USD/CHF Price Forecast

Given the backdrop, the USD/CHF could be heading downwards. Additionally, the distance between the base of the top/bottom rising wedge trendlines also gives the profit target, so a fall toward the 200-day EMA at 0.9557 is on the cards.

But first, the USD/CHF needs to trip down below the 20-day EMA at 0.9899, which, once cleared, could exacerbate a fall towards an area where the 50 and 100-day EMAs lie, around 0.9741-0.9705, respectively. A breach of the latter will expose the 0.9600 figure, immediately followed by a fall toward the 200-day EMA at around 0.9557.

On the other hand, the USD/CHF first resistance would be the parity, which, once broken, would send the USD/CHF climbing to re-test the YTD high at 1.0074, ahead of 1.0121, the May 20 high of 2019.

USD/CHF Key Technical Levels