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Analysis of the USD/CHF Price: Steady around the 0.9870 Area as Bull's Eye Parity

Alina Haynes

May 07, 2022 10:18

Prior to Wall Street's closing bell, the Swiss franc remains on the defensive throughout the day, unable to recoup from severe weekly losses of 1.45% as of now. At the time of writing, the USD/CHF exchange rate is trading at 0.9877 amid a risk-averse market sentiment.

 

On Friday, US equities anticipate ending the week on a negative note. In the interim, US Treasury rates continue to rise, driven by the 10-year benchmark note, which is currently yielding roughly 3.12 percent, one basis point below yearly highs.

 

The US Dollar Index, a measure of the greenback's value relative to a basket of six other currencies, is currently up 0.04 percent, at 103.589.

 

During Friday's trading session, the USD/CHF opened near 0.9850 in the Asian-Pacific session and moved within a 30-pip range between 0.9850 and 0.9880 due to a lack of trigger as FX traders prepare for the weekend.

USD/CHF Price Prediction: Technical perspective

The USD/CHF is prepared to extend its gains into the following week, while retreating from yearly highs at 0.9890. At 80.33, the Relative Strength Index (RSI) indicates that the pair is well into overbought territory but is still pushing higher, indicating that a further advance may be imminent.

 

In the meanwhile, the 1-hour chart reveals that once the USD/CHF reached 0.9890, the yearly high for 2022 consolidated in the region of 0.9825-90. Notably, the 50, 100, and 200-day simple moving averages (SMAs) remain below the market price, indicating that USD bulls maintain control.

 

If the USD/CHF crosses the range's upper boundary, the 0.9900 level would serve as initial resistance. Once the R1 daily pivot is cleared, the next supply zone would be around 0.9920, followed by the R2 pivot point at parity.

 

In contrast, the initial support for the USD/CHF would be the intersection of the 50-day simple moving average and the daily pivot around 0.9818-20. A breach of the latter would expose the 100-SMA at 0.9802, followed by the intersection of the S1 daily pivot and the 200-SMA in the 0.9740-47 region.

 

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