USD/CHF Price Forecast: RSI turns bullish as 0.8300 comes into view

The USD/CHF climbed on Tuesday during the North American session, up 0.74%, as hawkish comments by Federal Reserve (Fed) officials and a high US inflation report bolstered the US Dollar amid growing expectations of a Fed rate hike in December.

USD/CHF Price Forecast: Technical outlook

After falling to a nearly two-month low of 0.8127, the USD/CHF has recovered some ground. As of writing, the pair has cleared the 50-day Simple Moving Average (SMA) at 0.8227 and reached a high of 0.8270, but has retreated towards 0.8250, a nearly seven-day high.

The Relative Strength Index (RSI) cleared its 50-neutral level, as buyers gain momentum. This, along with a daily close above 0.8250, could cement the case for a recovery towards the 0.8300 level. Above this level, the next area of interest would be the year-to-date high of 0.8382, reached on October 1.

On the downside, the first support for USD/CHF is the 50-day SMA. Once cleared, the next stop is the low of the day at 0.8174, followed by the 100-day SMA at 0.8164. Below is the 0.8100 figure, ahead of the 200-day SMA lying at 0.8009.

USD/CHF Price Chart – Daily