USD/CHF Price Analysis: Subdued around 0.9420 as a falling wedge emerges

• USD/CHF consolidates around 0.9380-9450s amidst the lack of a catalyst.
• USD/CHF Price Analysis: Break above the 200-EMA could pave the way towards 0.9550.

The USD/CHF hit a fresh three-day high at 0.9455 but shifted downwards as US Treasury bond yields weakened the US Dollar (USD) against the Swiss Franc (CHF). At the time of writing, the USD/CHF is trading at 0.9419., below its opening price by a minuscule 0.07%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is downward biased, though it’s forming a falling wedge that suggests prices would break to the upside. Of note, the USD/CHF registered a new 8-month low of around 0.9326 last Friday, and so far, the USD/CHF has remained subdued around 0.9320-0.9455.

Oscillators like the Relative Strength Index (RSI) is almost flat at bearish territory, while the Rate of Change (RoC) suggests that selling pressure is fading. If the USD/CHF breaks above 0.9455, that could open the door toward 0.9500.

Short term, the USD/CHF 1-hour chart depicts the pair as neutral-upward biased. The EMAs are almost flat, around the spot price, though the 200-EMA at 0.9436 has been acting as solid resistance as prices tumbled around that area. Break above the latter could open the door towards the 0.9500 figure, followed by the November 30 daily high at 0.9547. As an alternate scenario, the USD/CHF first support would be the intersection of the 20 and 50-EMAs around 0.9411-13, followed by the 100- EMA at 0.9405 and the 0.9400 mark.