USD/CHF Price Forecast: Rises and tests the 50-DMA above 0.8500
- USD/CHF consolidates between 0.8400-0.8550, with bullish momentum suggesting potential for higher prices.
- Buyers need to clear the 50-DMA at 0.8537 and the September 12 peak of 0.8550 to target 0.8600 and 0.8748.
- A downside break below 0.8500 could see a retreat toward 0.8400, where buyers may look for a bounce back to 50-DMA levels.
The USD/CHF posted solid gains of over 0.30% on Thursday as the Greenback recovers some ground, aimed to finish the week with solid gains. As the Friday’s Asian session begins, the pair trades at 0.8522, virtually unchanged.
USD/CHF Price Forecast: Technical outlook
The USD/CHF is neutral to upward biased, after consolidating within the 0.8400-0.8550 area during September and the first four days of October.
Momentum favors buyers as the Relative Strength Index (RSI) turned bullish, hinting that higher prifces lie ahead.
However, USD/CHF buyers need to clear the 50-day moving average (DMA) at 0.8537. If surpassed, the immediate ceiling level to be broken will be the September 12 peak at 0.8550. A breach of the latter will expose the 0.8600 figure, followed by the next cycle high seen at 0.8748. the August 15 high.
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