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21 Oct 2022

USD/CHF Price Analysis: Seesawed in a 200-pip range, hovers around parity amid a soft US Dollar

  • USD/CHF is set to finish the week with losses of 0.45%.
  • Failure to reclaim 1.0027 would confirm the USD/CHF rising wedge break, which would target the 200-day EMA at 0.9567.

USD/CHF retraces from daily highs reached in the North American session around 1.0147 but trimmed its gains, plunging below 1.0000 towards its daily low at 0.9961, as the Japanese government and the Bank of Japan (BoJ) recognized intervening in the FX markets, propelling the yen a headwind for the USD/CHF. At the time of writing, the USD/CHF is trading at 1.0003, clinging to parity.

USD/CHF Price Forecast

The USD/CHF daily chart illustrates the pair broke above the top-trendline of a bearish rising wedge, though retraced within, on the BoJ intervention. As the BoJ hit the greenback, the USD/CHF tumbled below the bottom-trendline of the rising wedge, opening the door for further losses. Albeit the USD/CHF trimmed some of its losses, the major remains below the previously-mentioned trendline. So further downward action is warranted.

Therefore, the USD/CHF first support would be the parity. Break below will immediately expose the October 21 daily low at 0.9961, followed by the 20-day Exponential Moving Average (EMA) at 0.9928, ahead of 0.9900.

On the other hand, if the USD/CHF reclaims 1.0027, it would exacerbate a re-test of 1.0100, as buyers target the YTD high at 1.0147.

USD/CHF Key Technical Levels

 

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