Currency Analyst since 2010

USD/CHF: technical picture

USD/CHF weakened yesterday to 0.9322, the lowest level since June 25, but then managed to close exactly at the 200-day MA at 0.9358.

The picture on the daily chart shows broad consolidation, though the risks are to the downside. The Ichimoku Cloud is extremely thin that means that neither bulls nor bears control the market.  

On the H4 chart we see the pair is around the middle of a declining channel. Taking into account MACD divergence here there’s some scope for a move a bit higher on the upside, to 0.9400/35. We expect the pair to be capped by the 100-day MA at 0.9442 though. Below 0.9360 the greenback will be vulnerable for a decline to 0.9250. On the upside, the outlook will become bullish above 0.9485/9500 (top of the Cloud, psychological level).

Chart. Daily USD/CHF   

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