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Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

Daniel Dubrovsky, Strategist

Swiss Franc, USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF - Technical Forecast

  • USD/CHF may be readying to extend gains after Golden Cross
  • CHF/JPY eyeing key resistance range after persistence ranging
  • CAD/CHF and NZD/CHF may turn lower on fading momentum
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Swiss Franc Technical Outlook

The US Dollar is trying to gain ground against the Swiss Franc after USD/CHF managed to clear the 0.8919 resistance point. Since then, the near-term 20-day Simple Moving Average (SMA) has crossed above the 50-day one. This resulted in a bullish ‘Golden Cross’, opening the door to further gains. However, the falling trendline from March 2020 is still maintaining the dominant focus to the downside. Clearing this line exposes the 78.6% Fibonacci retracement at 0.9181.

{{SENTIMENT|USD/CHF|What does this mean for the USD/CHF outlook?}}

USD/CHF Daily Chart

Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

USD/CHF Chart Created in TradingView

The Swiss Franc remains in a consolidative setting against the Japanese Yen. Moreover, CHF/JPY is sitting on the cusp of a zone of resistance between 117.41 and 118.61. This is a range established from peaks in 2017 and 2018. Clearing this would open the door to uptrend resumption. Speaking of which, a potential rising support line from April has been maintaining the focus to the upside – see chart below. Negative RSI divergence does show that upside momentum is fading, which can precede a turn lower towards 116.17.

CHF/JPY Daily Chart

Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

CHF/JPY Chart Created in TradingView

The Canadian Dollar may be at risk to a turn lower against the Swiss Franc. Negative RSI divergence warns that upside momentum is fading in CAD/CHF. This is shortly after prices took out the midpoint of the Fibonacci extension at 0.7029. Prices are eyeing the 61.8% level at 0.7096. Beyond that sits a zone of resistance between 0.7166 and 0.7203. Maintaining the focus to the upside has been a rising range of support from March, which might come into play in the event the pair turns lower ahead.

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CAD/CHF Daily Chart

Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

CAD/CHF Chart Created in TradingView

The New Zealand Dollar is attempting to extend gains against the Swiss Franc. This follows NZD/CHF taking out a falling zone of resistance from 2015. However, upside momentum is fading here with negative RSI divergence present. Immediate support seems to be the midpoint of the Fibonacci extension at 0.6453, with resistance above at 0.6505. A rising range of support from October appears to be maintaining the focus to the upside in the event the pair turns lower. Otherwise, prices may be setting up to test the high from July 2019.

NZD/CHF Daily Chart

Swiss Franc Technical Forecast: USD/CHF, CHF/JPY, CAD/CHF, NZD/CHF

NZD/CHF Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

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