Technical Update - USDCHF and EURCHF propelling higher. EURCHF to reach par? Technical Update - USDCHF and EURCHF propelling higher. EURCHF to reach par? Technical Update - USDCHF and EURCHF propelling higher. EURCHF to reach par?

Technical Update - USDCHF and EURCHF propelling higher. EURCHF to reach par?

Forex 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • Third time is a charm. USDCHF broken above key resistance after two previous tries following the SNB's rate decision. 0.90-0.91 in the horizon, maybe even 0.92 level

  • EURCHF's bullish move, marked by its break above significant technical levels, points to potential further upside. Could it move to par?

USDCHF After being rejected yesterday at the resistance and 0.618 retracement at 0.89 USDCHF is propelling higher today following SNB rate decision.

UDCHF is now seemingly headed towards the next significant resistance and 0.786 retracement at around 0.9050, with a potential spike to the 0.91 level also in sight.

Should USDCHF close above 0.9050, it could signal further uptrend towards the 0.92 to 0.9245 range, with 0.9245 marking the peak of October 2022.
The daily RSI's positive sentiment with no divergence, supports the likelihood of higher USDCHF levels.

On the weekly chart, the RSI is nearing the 60 mark, and a close above this level would confirm the bullish picture.

Conversely, if USD/CHF retreats below 0.89, it would undermine the current bullish perspective

EURCHF is experiencing a significant bullish movement, currently testing the resistance at around 0.9775 after surpassing a minor resistance at 0.97.

This bullish move follows the pair's break above a falling trendline that dates back to January 2022 and its break back above the 200 Daily Moving Average, signaling a strong upward momentum.

On the weekly chart, EURCHF has reached the 0.618 Fibonacci retracement level, indicating a potential area for a short-term correction before the likelihood of further upward movement.
Should EURCHF close above the weekly Ichimoku Cloud (Shaeded area), it could set the stage for a rise to the 0.786 retracement at 0.9917, though a minor pullback might occur in the short term.

Both daily and weekly RSIs are reflecting positive sentiment with no divergence, suggesting that higher levels for EUR/CHF could be on the horizon
However, if the pair retreats below 0.97, it could negate this bullish outlook


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.