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22 Jul 2022

USD/CHF Price Analysis: Stumbles to a fresh two-week low below 0.9650

  • USD/CHF will finish the week with solid losses of 1.30%.
  • The market sentiment remains negative, a headwind for the USD/CHF.
  • USD/CHF Price Analysis: A break under 0.9600 would open the door towards 0.9510.

The USD/CHF tumbles on the back of dismal than expected US PMI data, further extending its weekly losses, as sentiment deteriorates due to the abovementioned and US tech firms’ soft earnings reports. Investors sought safety assets and peers, bolstering the Swiss franc. At the time of writing, the USD/CHF is trading at 0.9631, down by 0.34%.

US equities are tumbling across the board, while the greenback drops 0.11%, as shown by the US Dollar Index at 106.483. US bonds jump, spurring a drop in US Treasury yields, led by the 10-year yield down ten bps, at 2.776%-

USD/CHF Price Analysis: Technical outlook

The USD/CHF began trading around the 0.9660 region and rallied towards the daily high at 0.9700. however, buyers struggled to break resistance, and the USD/CHF fell to the daily low at 0.9599 before settling at the current exchange rate.

USD/CHF 1-hour chart

The USD/CHF hourly chart depicts the downtrend accelerated during the day, aligned with Thursday’s note that I wrote about the major. “A breach of the latter (0.9675) will immediately expose the bottom trendline of the aforementioned ascending channel, meaning that the USD/CHF next target would be 0.9600”. That happened on Friday, and the major entered range-bound as the Relative Strength Index (RSI), jumped from oversold readings, approaching the 50-midline.

Nevertheless, the USD/CHF bias remains downwards, but a leg-up is on the cards, and the USD/CHF might reach the S1 daily pivot at 0.9640 before resuming the downtrend. Therefore, the USD/CHF first support would be the S2 daily pivot at 0.9614. The break below exposes the 0.9600 figure, followed by the S3 pivot point at 0.9560 and the S4 daily pivot at 0.9514.

USD/CHF Key Technical Level

 

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