shown by European equities closing in the green, while US futures are trading with decent gains. At the time of writing, the USD/CHF is trading at 0.9675.
From a technical perspective, the USD/CHF is still headed upwards, despite being below the 50-DMA. The 100 and 200-DMA’s reside well below the spot price, but the double top looming on the daily chart looms, and once USD/CHF sellers achieve a daily close below 0.9544, that would open the door for further losses.
Nevertheless, mixed signals in the daily chart suggest caution is warranted. Also, it’s worth noting that, albeit the USis on an “aggressive” tightening cycle, the Swiss National Bank surprised the markets, hiking 50 bps its interest rates. Nonetheless, the US – Switzerland interest rates differential stills favor the greenback, with the US interest rates at 1.75%, while rates in Switzerland remain negative at -0.25%.The USD/CHF is upward biased.
If USD/CHF buyers break above 0.9700, that will expose the 61.8% Fibonacci level at 0.9737, followed by the 50% Fibonacci retracement at 0.9797. Once cleared, a move towards 0.9800 is on the cards. On the other hand, the USD/CHF first support would be the 78.6% Fibonacci level at 0.9652. A breach of the latter would expose the June 17 low at 0.96119, followed by the 0.9600 figure.
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