Bulls retake 0.9400 and post new monthly high around 0.9433

  • USD/CHF hits a new monthly high at 0.9433.
  • The greenback was boosted by bullish market sentiment and high US Treasury yields
  • USD/CHF Price Prediction: Rise above 0.9400 opens the door for further upside.

USD/CHF rallies during the North American session on mixed market sentiment represented by the move in US equities, US Treasury yields paring Wednesday’s losses and the greenback strengthened In all areas. USD/CHF is trading at 0.9415, a 90 pip gain on Thursday at the time of writing.

In the meantime, US Treasury yields jumped, as shown by the benchmark 10-year note up 17 basis points to 2.804%, supporting the dollar. The U.S. dollar index, a measure of the greenback’s value against a basket of six peers, edged up 0.51%, currently at 100.356.

Other than that, during the Asian session, USD/CHF was subdued in the 0.9330-50 region, unable to trade beyond these limits. Nevertheless, early in the North American session, USD/CHF first surged towards the cycle high of 0.9380 on March 28 and then broke above 0.9400 for the first time since the 17th of March.

USD/CHF Price Prediction: Technical Outlook

USD/CHF rising above 0.9400 would open the door for further gains, but to firmly cement the above, USD/CHF needs a daily close above the 0.9400 mark. 0.9400.

That said, the first resistance in USD/CHF would be the March 15 and 16 cycle highs, each at 0.9431 and 0.9460. A decisive break of this zone would expose 0.9500, followed by the 200 week simple moving average (W-SMA) at 0.9522.

On the other hand, the first USD/CHF support would be at 0.9400. Once cleared, the next demand zone for the pair would be March 28, the cycle high at 0.9381, followed by the 0.9350 mark.

Key levels to monitor