US Dollar Forecast: USD/CHF Climbs Towards 2024 High
US Dollar Outlook: USD/CHF
USD/CHF climbs toward the 2024 high (0.9225) following the 256K rise in US Non-Farm Payrolls (NFP), and the exchange rate may continue to track the positive slope in the 50-Day SMA (0.8895) as it still holds above the moving average.
US Dollar Forecast: USD/CHF Climbs Towards 2024 High
USD/CHF extends the recent series of higher highs and lows to push the Relative Strength Index (RSI) towards overbought territory, and a move above 70 in the oscillator is likely to be accompanied by a further advance in the exchange rate like the price action from last year.
Join David Song for the Weekly Fundamental Market Outlook webinar.
David provides a market overview and takes questions in real-time. Register Here
US Economic Calendar
Looking ahead, the update to the US Consumer Price Index (CPI) may also sway USD/CHF as the report is anticipated to show the headline reading widening to 2.8% in December from 2.7% per annum the month prior, while the core rate is expected to hold steady at 3.3% during the same period.
Signs of persistent inflation may generate a bullish reaction in the Greenback as it puts pressure on the Federal Reserve to pause its rate-cutting cycle, but a softer-than-expected CPI report may drag on the US Dollar as it fuels speculation for lower US interest rates.
With that said, lack of momentum to test the 2024 high (0.9225) may keep the RSI out of overbought territory, but USD/CHF may stage a further advance over the coming days should the bullish price series persist.
USD/CHF Price Chart – Daily
Chart Prepared by David Song, Senior Strategist; USD/CHF Price on TradingView
- USD/CHF stages a four-day rally as it extends the advance from the monthly low (0.9009), with breach above the 2024 high (0.9225) opening up the October 2023 high (0.9245).
- Next area of interest comes in around the 2023 high (0.9440), but USD/CHF may struggle to extend the recent series of higher highs and lows should it fail to test the 2024 high (0.9225).
- Lack of momentum to close above 0.9180 (23.6% Fibonacci extension) may push USD/CHF back towards the 0.9030 (38.2% Fibonacci extension) to 0.9040 (23.6% Fibonacci extension) region, with a breach below the monthly low (0.9009) bringing the 0.8880 (38.2% Fibonacci retracement) to 0.8910 (38.2% Fibonacci extension) zone on the radar.
Additional Market Outlooks
GBP/USD Approaches November 2023 Low
Gold Price Recovery Eyes December High
US Dollar Forecast: USD/CAD Stages Three-Day Rally
EUR/USD Weakness Brings January Opening Range in Focus
--- Written by David Song, Senior Strategist
Follow on Twitter at @DavidJSong
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.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
Contracts for Difference (CFDs) are not available to US residents.
FOREX.com is a trading name of GAIN Capital - FOREX.com Canada Limited, 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA is a member of the Canadian Investment Regulatory Organization and Member of the Canadian Investor Protection Fund. GAIN Capital – FOREX.com Canada Limited is a wholly-owned subsidiary of Stonex Group Inc.
Complaints are taken very seriously at FOREX.com. You can view our complaints procedure here.
© FOREX.COM 2025