USDCHF Hits Year-to-Date High

The USDCHF currency pair has been a focal point of recent market activity, propelled by a confluence of factors shaping global financial markets. With the U.S. dollar flexing its muscles, the pair surged to a new year-to-date peak, fuelled by the Federal Reserve’s higher interest rates, which likely attracted capital to the U.S. due to higher yields. Meanwhile, the Swiss National Bank’s decision to cut interest, being the first major economy to do so, weighed on the Swiss Franc. 

However, recent volatility has seen the pair oscillating, highlighting the dynamic nature of currency markets. The Swiss Franc’s strength, bolstered by unexpectedly high inflation figures, has further complicated the picture, potentially altering perceptions of the Swiss National Bank’s monetary policy trajectory. 

As the week progresses, anticipation builds around key economic indicators, particularly Friday’s release of the U.S. Nonfarm Payrolls data. This report assumes critical importance, serving as a barometer for inflationary pressures and offering insights into the labour market’s influence on economic dynamics.  


The USDCHF has been riding the waves of an upward trend, supported by a clear ascending channel pattern signalling its bullish trajectory. Trading comfortably above the 100-day moving average initially reinforced this trend. However, recent convergence with this moving average hinted at emerging selling pressures within the uptrend. 

After finding buoyancy at the 0.90891 support level, the pair surged to a year-to-date high at 0.92242. Yet, overbought RSI conditions triggered profit-taking, leading to a downturn. Notably, the breach of key Fibonacci Retracement levels, including the critical 61.80% Golden Ratio, alongside the convergence with the 100-day moving average, suggests a potential shift in sentiment. 

Should selling pressures persist, a retest of the 0.90891 support level seems likely. However, a resurgence of upside momentum could pave the way for a bullish reversal, with the 0.92242 resistance level looming as a potential key target.  


As the USDCHF navigates through market turbulence, its trajectory remains uncertain. Despite recent setbacks, potential upside momentum could target the 0.92242 resistance level, while sustained selling pressure might test the 0.90891 support. Traders brace for volatility amidst shifting economic landscapes and technical indicators. 

Sources: Swiss Federal Statistical Office, Reuters, TradingView 

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst 

Disclaimer: Trive South Africa (Pty) Ltd (hereinafter referred to as “Trive SA”), with registration number 2005/011130/07, is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Trive SA is authorised and regulated by the South African Financial Sector Conduct Authority (FSCA) and holds FSP number 27231. Trive Financial Services Ltd (hereinafter referred to as “Trive MU”) holds an Investment Dealer (Full-Service Dealer, excluding Underwriting) Licence with licence number GB21026295 pursuant to section 29 of the Securities Act 2005, Rule 4 of the Securities Rules 2007, and the Financial Services Rules 2008. Trive MU is authorized and regulated by the Mauritius Financial Services Commission (FSC) and holds Global Business Licence number GB21026295 under Section 72(6) of the Financial Services Act. Trive SA and Trive MU are collectively known and referred to as “Trive Africa”.

Market and economic conditions are subject to sudden change which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. Trive Africa and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered. Please consider the risks involved before you trade or invest. All trades on the Trive Africa platform are subject to the legal terms and conditions to which you agree to be bound. Brand Logos are owned by the respective companies and not by Trive Africa. The use of a company’s brand logo does not represent an endorsement of Trive Africa by the company, nor an endorsement of the company by Trive Africa, nor does it necessarily imply any contractual relationship. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance. No services are offered to stateless persons, persons under the age of 18 years, persons and/or residents of sanctioned countries or any other jurisdiction where the distribution of leveraged instruments is prohibited, and citizens of any state or country where it may be against the law of that country to trade with a South African and/or Mauritius based company and/or where the services are not made available by Trive Africa to hold an account with us. In any case, above all, it is your responsibility to avoid contravening any legislation in the country from where you are at the time.

CFDs and other margin products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. See our full Risk Disclosure and Terms of Business for further details. Some or all of the services and products are not offered to citizens or residents of certain jurisdictions where international sanctions or local regulatory requirements restrict or prohibit them.