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- USD/CHF clears 50-day SMA after strong US payrolls.
- Bullish RSI supports recovery, but sideways trading likely persists.
- Break above 0.8150 exposes 0.8200 and yearly high.
The USD/CHF registers modest gains of over 0.30% as the Greenback is boosted by a solid US Nonfarm Payrolls report, pushing the pair above the 50-day Simple Moving Average (SMA) to reach a daily high of 0.8126. At the time of writing, trades at 0.8098.
USD/CHF Price Forecast: Technical Outlook
The USD/CHF trades just above the 50-day SMA but off daily highs, suggesting sellers have moved in to push the pair below 0.8100. Nevertheless, the overall trend remains upwards unless it falls below the August 20 swing low of 0.7949, which could exacerbate a move towards the 200-day SMA at 0.7932.
The Relative Strength Index (RSI) has turned bullish, but since it has pierced the 50-neutral level, USD/CHF is expected to trade sideways in the short term.
For a bullish resumption, USD/CHF needs to clear 0.8100. A move past that level can pave the way for a recovery towards 0.8150, with buyers setting their sights on 0.8200. Above the next area of interest is the yearly high at 0.8207.
On the downside, a decisive breakout below 0.8000 will expose the 100-day SMA at 0.7995, followed by the 0.7949 August 20 daily low. Beneath sits the 200-day SMA at 0.7932.
USD/CHF Price Chart – Daily
