USD/CHF is attempting to register a fifth consecutive daily advance after rebounding sharply from the July opening-range low, carrying the pair towards a major technical inflection zone. The rally is pressing the upper bounds of the yearly uptrend, where multiple resistance studies converge and the risk of a larger reaction increase.
Given the euro area and Switzerland face many of the same energy security and terms of trade pressures, the breakout in EUR/CHF on Wednesday looks more technical than fundamental. With a major surprise from the ECB later today unlikely, and nothing of consequence on the Swiss or US economic calendars to trouble the scorers, it raises the question of whether USD/CHF could deliver a similar breakout.
USD/CHF Price Forecast: Reclaims 0.81 as market structure targets 0.82