The Swiss Franc has fallen more than 0.4% against the US Dollar[1] since the start of the week with USD/CHF[2] continuing to contract around the yearly open. These are the updated targets and invalidation levels that matter on the Swissy charts this week. Review this week’s Strategy Webinar[3] for an in-depth breakdown of this trade setup and more.
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USD/CHF Price Chart - Swissy Daily
Technical Outlook: In my latest Swiss Franc Weekly Price Outlook[6] we favored, “fading weakness sub-1.0091,” with, “immediate focus on the 9828/39 support confluence- look for a reaction there.” It’s been nearly seven weeks and price has continued to consolidate around this key level after registering a low at 9694 in late-June.
Daily support rests with the monthly open / 61.8% retracement[7] at 97.90/92 backed by the low-day close / 78.6% retracement at 9749/55 – Ultimately a break / close below 9712/16 would be needed validate a break of the yearly opening-range[8]. Initial resistance stands with the July trendline backed by 9907. A breach above 9965 would be needed to suggest a more significant low was registered last month.
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USD/CHF Price Chart – Swissy 120min
Notes: A closer look at Swissy price action shows USD/CHF trading within the confines
