USD/CHF Price Analysis: To probe the YTD high at 0.9460 on a choppy session

• The USD/CHF begins the week in positive territory, up 0.25%.
• USD/CHF Price Forecast: Tilted to the upside, and if it reclaims 0.9500, a move towards 0.9800 is on the cards.

The Swiss franc extends its losses as depicted by the USD/CHF rising in the North American session, amidst a downbeat sentiment, courtesy of geopolitics, a strong US dollar, and rising US Treasury yields, a tailwind for the USD/CHF. At the time of writing, the USD/CHF is trading at 0.9444.

The market sentiment remains dampened on geopolitics surrounding the conflict between Russia and Ukraine. Ukraine President Volodymyr Zelenskyy said that peace talks are at a dead end and would end if Russia destroyed the Ukrainian troops in Mariupol. At the same time, the Ukrainian Foreign Minister Kuleba said that talks at the Foreign Ministry level have not happened in weeks, so a truce appears unexpected to occur in the near term.

Also read: USD/CHF sticks to modest gains near one-month high, just below mid-0.9400s

In the Asian session, the USD/CHF opened near the day’s lows, seesawing around the daily pivot at 0.9420s, and traded in a 30-pip range upwards, around the 0.9420-55 area.

USD/CHF Price Forecast: Technical outlook

From a technical perspective, the USD/CHF is tilted to the upside and would exacerbate a move towards 0.9800 if USD/CHF bulls reclaim 0.9500. Oscillators remain in the bullish area, with the Relative Strength Index (RSI) at 67.71, though short of reaching overbought conditions.

Upwards, the USD/CHF first resistance would be the YTD high at 0.9460. A breach of the latter would expose 0.9500, followed by June’s 2020 cycle highs at 0.9533 and then the 0.9600 mark.

Technical levels to watch