- USD/CHF dipped in the 0.9327-73 range as the pair failed to conquer 0.9400.
- The upbeat mood in the market was no excuse for the safe-haven Swiss franc to appreciate against the greenback.
- USD/CHF Price Prediction: A series of successive highs/lows in the 4-hour chart keeps the uptrend intact.
The greenback is giving back most of its weekly gains against the Swiss franc, with USD/CHF gaining 0.06% on the day in a bullish market. At the time of writing, USD/CHF is trading at 0.9338.
On Friday, global equities rallied as Asian and European stocks closed with gains. In the United States, with the exception of the high-tech Nasdaq, most indices are trading in the green as market participants disregard Fed tightening and the Russian-Ukrainian struggles.
Overnight, USD/CHF opened near session lows at the start of the Asia-Pacific session and since then has edged higher, towards the daily high at 0.9373. However, once the North American session started, the pair slipped and recorded a new daily low at 0.9327, right at the central daily pivot point.
USD/CHF Price Prediction: Technical Outlook
The USD/CHF bullish bias remains intact. The daily moving averages (DMA) sit well below the spot price, albeit almost horizontally below the 0.0.9264 50-DMA.
So far, the USD/CHF 4-hour chart shows that the spot price continues to trade above the bull flag and has printed successive sets of higher highs/lows, which means that the bullish trend continues. In fact, USD/CHF hit the daily high as the Relative Strength Index (RSI) headed towards 57.34, and since then the RSI has been consolidating as its slope has turned horizontal.
That said, USD/CHF could print another bullish leg, and its first resistance would be 0.9349. A clean break would expose the area of the March 27-29 highs around the 0.9370-80 region, which once broken could send the pairs towards the March 16 daily high at 0.9460, but it would first have to recover the mark of 0.9400 once broken.