USD/CHF Price Forecast: Bulls defend 50-day SMA as rebound builds
The US dollar continues to fight back, as we are looking to resume some of the previous trends.
USD/CHF Price Forecast: 50-day SMA guards bullish structure
Looking at the 4-hour chart, the pair settled above 0.8150, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a clear move above the 1.236 Fib extension level of the downward move from the 0.8150 swing high to the 0.8032 low.
The US dollar continues to flex its muscles early on Tuesday.
USD/CHF Price Forecast: Bulls eye 0.8200 as rally extends
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
Interest rates in America continue to put bearish pressure on some currencies.
USD/CHF Price Forecast: Buyers hold the upper hand above 0.8000