USD/CHF Price Forecast: Bulls clash at 100-day SMA, eyes on 0.7950
The USD/CHF advanced by 0.24% on Tuesday as geopolitical tensions remained high, even after reports of a one-month ceasefire, according to Al Arabiya, citing Israeli Channel 12. At the time of writing, the pair trades at 0.7881 after bouncing off daily lows of 0.7859.
USD/CHF Price Forecast: Technical Outlook
The technical picture shows that USD/CHF is neutral to bullish, even though it remains below the 200-day Simple Moving Average (SMA) at 0.7949.
Momentum, as measured by the Relative Strength Index (RSI), shows that buyers are gaining traction, though if they want to test higher prices, they must clear key resistance levels on the upside.
If USD/CHF clears the 100-day SMA of 0.7893, expect a test of the 0.7900 figure. Once cleared, the next area of interest will be the 200-day SMA at 0.7949, followed by the 0.8000 threshold.
On the bearish side, if USD/CHF tumbles below the March 23 daily low of 0.7834, it could open the door to a challenge of the 50-day SMA key support at 0.7798. On further weakness, a retracement towards the March 10 swing low of 0.7748 is on the cards.
USD/CHF Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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