Swiss Franc Technical Outlook: USD/CHF Sharp Rebound Breaks October Downtrend
USD/CHF bulls are building on a sharp rebound from critical support, with the recovery opening the door to a larger advance toward key resistance.
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Swiss Franc Technical Outlook: USD/CHF Multi-Timeframe Analysis
The USD/CHF outlook centers on a dollar rebound against the Swiss franc, fueled by hot U.S. CPI data and rising Fed rate hike bets. Michael Boutros, StoneX Media Senior Market Analyst, breaks down the weekly, daily and four-hour USD/CHF charts and the inflation data and Federal Reserve commentary behind the move. Stronger than expected month-on-month headline and core CPI readings, along with comments from Federal Reserve officials Christopher Waller, Michelle Bowman and Austan Goolsbee, have lifted expectations for more aggressive tightening. Markets are fully priced for a December Fed rate hike and almost 90% priced for at least another 25-basis point hike by March. On the charts, the U.S. dollar Swiss franc recovery has broken the four-hour downtrend and is testing pitchfork resistance near the 61.8% Fibonacci retracement of the October decline.
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--- Written by Michael Boutros, Senior Technical Strategist
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