Swiss Franc Short-term Outlook: USD/CHF Coils Above Key Support
USD/CHF is trading within a multi-week consolidation pattern, just above key support with NFPs on tap. Battle lines drawn on the short-term technical charts.
Share this:
Swiss Franc Technical Forecast: USD/CHF Short-term Trade Levels
- USD/CHF trading within multi-week, falling wedge formation just above key support
- USD/CHF breakout pending- Swiss inflation / US Non-Farm Payrolls on tap
- Resistance 8057 (key), 8101, 8123- Support 8007, 7987 (key), 7911
Swiss Franc is trading within a contractionary range into the monthly open with USD/CHF rebounding off key support early in the week. The focus is on a breakout in the days ahead with key U.S. Non-Farm Payrolls on tap Friday. Battles lines drawn on the USD/CHF short-term technical charts.
Review my latest Weekly Strategy Webinar for an in-depth breakdown of this USD/CHF setup and more. Join live on Monday’s at 8:30am EST.
Swiss Franc Price Chart – USD/CHF Daily
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CHF on TradingView
Technical Outlook: In last month’s Swiss Franc Short-term Outlook we noted that USD/CHF had broken out of a multi-month downtrend and that, “From a trading standpoint, losses should be limited to 7973 IF price is heading higher on this stretch with a close above 8186 needed to fuel the next leg of the advance.” USD/CHF plunged nearly 2.3% off the August highs to register an intraday low at 7986 before rebounding into the September open. The focus is on a breakout of this August consolidation range (falling wedge pattern) with price testing initial resistance today at the 38.2% retracement of the August decline at 8057- looking for a reaction off this mark in the days ahead.
Swiss Franc Price Chart – USD/CHF 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CHF on TradingView
Notes: A closer look at Swisse price action shows USD/CHF testing the upper bounds of the multi-week consolidation with price holding just below resistance into the open of New York trade on Wednesday. The weekly opening-range is now set and we’re looking for a breakout for guidance here.
Weekly open support rests at 8007 with key support steady at 7987- a region defined by the 61.8% retracement of the July rally and the 100% extension of the near-term decline. A break / close below this threshold would suggest a more significant high is in place / a larger breakdown is underway. Subsequent support seen at the yearly low-day close (LDC) at 7911 and 7872/82.
A topside breakout of this formation exposes subsequent resistance objectives at the 61.8% retracement at 8101 and the objective August open near 8123. Key resistance remains unchanged at the 50% retracement of the May decline / May low at 8174/85 - look for a larger reaction there IF reached with a breach / close above this threshold needed to mark uptrend resumption. Subsequent resistance objectives eyed at the 61.8% retracement near 8246 and the 2023 low at 8333.
Bottom line: USD/CHF is coiling just above critical support, and the focus is on a breakout of this multi-week consolidation in the days ahead. From a trading standpoint, losses should be limited to the weekly open IF price is heading higher on this stretch with a close above the late- July trendline needed to fuel the next leg of the advance.
Keep in mind we get the release of Swiss CPI figures and US ADP employment data tomorrow with the Non-Farm Payrolls on tap Friday. Stay nimble into the prints and watch the weekly close for guidance here. Review my latest Swiss Franc Weekly Forecast for a closer look at the longer-term USD/CHF technical trade levels.
USD/CHF Key Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Australian Dollar Short-term Outlook: AUD/USD Tests Key Resistance
- Canadian Dollar Short-term Outlook: USD/CAD Plunges to Key Support
- US Dollar Short-term Outlook: USD Tests Critical Support Zone
- Euro Short-term Outlook: EUR/USD Hits Trend Resistance- Reversal Risk
- British Pound Short-term Outlook: GBP/USD Threatens July Downtrend
- Japanese Yen Short-term Outlook: USD/JPY Tests Uptrend Support
- Gold Short-term Outlook: XAU/USD Rebound Testing Key Resistance
--- Written by Michael Boutros, Sr Technical Strategist
Follow Michael on X @MBForex
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Nvidia Earnings Preview: NVDA’s First Test of the Post Jenson Huang Era
Nvidia is expected to report $2.47 in EPS on $108.8B in revenue this quarter, but investors will be more interested in the company's guidance after the unexpected departure of founder and CEO Jenson Huang.
US dollar forecast: USD/JPY and USD/CHF in focus | Forex Friday
Sticky US inflation and a hawkish Fed have kept the dollar firm across the majors, with USD/JPY pressing on the 160 handle. Here are the levels that matter on USD/JPY and USD/CHF as next week's retail sales, Nvidia results and FOMC minutes approach.
Swiss Franc Forecast: USD/CHF 3% Rally Threatens Multi-Year Downtrend 11 13 2026
USD/CHF has erased its October losses, but bulls still need a decisive weekly close above key resistance to confirm a larger bullish reversal.
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.