USD/CHF Asia Price Forecast: Greenback holds above 0.9700 vs. Swiss franc

USD/CHF stalls the previous day’s declines after breaking the weekly support line (now resistance). Late-December lows limit immediate upside, 50% Fibonacci can check the declines. Bearish MACD favors further weakness in the quote. USD/CHF clings to 0.9755 during the pre-European session on Wednesday.

USD/CHF is slowly advancing printing fresh 2020 highs by a few pips. The rising wedge formations can limit the upside on USD/CHF. USD/CHF is printing new 2020 highs while the quote is trading below the 100/200-day simple moving averages suggesting an overall bearish momentum.

USD/CHF registers three-week winning streak, breaks above 38.2% Fibonacci retracement for the first time in a year. 61.8% Fibonacci retracement, September 2018 low act as the key supports. USD/CHF takes the bids to 0.9835 amid the pre-European session on Wednesday. In doing so, the pair crosses 38.2% Fibonacci retracement of its broad run-up between February 2018 and April 2019.

USD/CHF snaps two-day losing streak. Bearish candlestick formation, sustained trading below 200-day SMA favor further selling. Bullish MACD, 50-day SMA question the bears. USD/CHF registers fewer moves while trading around 0.9790 during the pre-European session on Tuesday. The daily chart forms a bearish candlestick pattern but bullish MACD and 50-day SMA could limit further declines.

USD/CHF bounces off 23-month low amid oversold RSI. January/February bottoms could restrict immediate upside. An eight-day-old falling trend line adds to the resistance. February 2018 top seems to be on the Bears’ radar.

USD/CHF slips from a two-week high. 61.8% Fibonacci retracement, 200-day EMA add to the resistances. While extending its U-turn from 50-day EMA, USD/CHF drops 0.30% to 0.9583 ahead of the European session on Wednesday. The pair currently declines towards 38.2% Fibonacci retracement of its fall from November 2019, at 0.9500.

USD/CHF is trading up for the third consecutive day. The level to beat for bulls is the 0.9700 resistance. USD/CHF is rebounding from the 0.9500 level while challenging the 50 SMA on the daily chart. DXY (US dollar index) is gaining some ground vs. most of its rivals.  

USD/CHF remains on the back foot after breaking near-term key supports, Good Friday holiday restricts the moves. Late-March lows, 61.8% Fibonacci retracement on sellers’ radars. 200-day SMA adds to the resistance beyond the latest ones.