USD/CHF posted back-to-back bullish days on Wednesday, rising by over 0.25% after the latest US inflation report and as high energy prices pushed US Treasury yields higher, consequently the US Dollar (USD). At the time of writing, the pair trades near 0.7800.
USD/CHF Price Forecast: Technical outlook
Further consolidation lies ahead, even though buyers pushed USD/CHF to a fresh two-day high past 0.7800. Nevertheless, momentum continues to favour sellers as buyers have remained unable to clear key resistance at 0.7817, the latest cycle high.
The Relative Strength Index (RSI) shows that bulls are gathering some strength, outweighing bears.
With that said, USD/CHF must finish the session above 0.7800 on a daily basis. In that outcome, the next resistance would be the March 3 high at 0.7878. Up next lie 0.7900 and 0.8000.
On the flip side, the USD/CHF first support would be the March 6 daily low of 0.7750. If surpassed, the next area of interest would be a support trendline drawn from current-year lows around 0.7601, which passed near the 0.7670-0.7700 range. A breach of the latter will expose the January 28 swing low of 0.7601.
(This story was corrected on March 11 at 20:59 GMT to say that the March 3 high was 0.7878, not 0.7817.)
USD/CHF Price Chart – Daily
USD/CHF Daily Chart
Swiss Franc Price This week
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies this week. Swiss Franc was the strongest against the Japanese Yen.
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