News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $SPX at a big spot current res from group of prior swing lows ~3296-3309 sup from the prior june high 3232 $ES $SPY https://t.co/iyTsLeQQx4
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.14% 🇯🇵JPY: -0.29% 🇳🇿NZD: -0.41% 🇨🇭CHF: -0.50% 🇦🇺AUD: -0.55% 🇬🇧GBP: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4r2O1Puovi
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.23% FTSE 100: 1.03% France 40: 0.61% US 500: 0.24% Wall Street: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgsStCX1Si
  • $EURUSD Outlook - via @DailyFX: - Euro extends its slide after breaching 50DMA - EUR/USD hitting fresh monthly lows as volatility rises - EUR now tests a critical support level around 1.1700 Link to Full Analysis: https://www.dailyfx.com/forex/market_alert/2020/09/22/eur-usd-price-outlook-euro-extends-slide-to-probe-support-zone.html #FX #Forex #Trading https://t.co/mPgHsRKIAk
  • What is seasonal change in volatility. Are we going through one right now? Find out: https://t.co/G0qfpOmMl2 https://t.co/CFeAHvbFYB
  • Coming up on Fed Chair Powell's testimony. I doubt it will be a complacent, rosy outlook from the central banker. What kind of state are the markets in to receive a dose of cold reality?
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.91% Gold: 0.06% Silver: -1.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/e9DSxPTBLA
  • Heads Up:🇺🇸 Fed Chair Powell Testimony due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • 💶 Consumer Confidence Flash (SEP) Actual: -13.9 Expected: -14.6 Previous: -14.7 https://www.dailyfx.com/economic-calendar#2020-09-22
  • 🇺🇸 Existing Home Sales MoM (JUL) Actual: 2.4% Expected: 2.4% Previous: 24.7% https://www.dailyfx.com/economic-calendar#2020-09-22
USDCHF Price Closing In On Significant Resistance

USDCHF Price Closing In On Significant Resistance

2019-04-23 15:40:00
Martin Essex, MSTA, Analyst
Share:

Swiss Franc price, news and analysis:

  • The Swiss Franc has been one of the weakest of the major currencies over the past month.
  • However, the USDCHF pair is now not far below the highs reached in late December 2016 and early January 2017, suggesting its climb will likely falter soon.

USDCHF upside now limited

The Swiss Franc has weakened significantly over the past month as a lack of volatility in the markets has reduced demand for safe havens. That has boosted USDCHF to its firmest levels since late December 2016 and early January 2017.

However, the price is now approaching the highs reached back then, suggesting that any further gains could be limited. As the weekly chart below shows, USDCHF reached a peak of 1.0344 – not far from the current 1.0215 – and that level will be very hard for the pair to break through.

USDCHF Price Chart, Weekly Timeframe (October 12, 2015 – April 23, 2019)

Latest USDCHF price chart.

Chart by IG (You can click on it for a larger image)

The price is also heading towards overbought levels, with the 14-week relative strength index at the bottom of the chart approaching the 70 mark. Moreover, there is little support before the 1.00 “round number” and the 20-week moving average just below it, suggesting that any correction could be quite steep.

Currently, IG client sentiment data show that retail traders net-short USDCHF outnumber those net-long by some four to one. At DailyFX we tend to take a contrarian view of crowd sentiment and that implies the price could rise further. However, those traders are currently less net-short than they were, suggesting that a peak for the pair could be close.

You can read more about USDCHF here

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES