Technical Update - USDCHF, EURCHF & GBPCHF Technical Update - USDCHF, EURCHF & GBPCHF Technical Update - USDCHF, EURCHF & GBPCHF

Technical Update - USDCHF, EURCHF & GBPCHF

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  CHF is being strengthened against most other currencies. Now with correct text for GBPCHF

Today's Market Quick Take from the Saxo Strategy Team

USDCHF has broken bearish out of its very short-term rising channel like pattern it was trading in since mid-January and the pair is closing on the lows from February. If USDCHF closes below 0.9050 the pair is likely to test the support at around 0.8930 which is close to the 1.382 projection of the rising channel correction. However, if USDCHF drop to around 0.89 there is downside potential to around 0.8750.
To reverse this bearish outlook a close above 0.9440 is needed. 200 weekly MA is providing resistance around that level.

EURCHF is in a down trend both short- and medium-term. Short-term EURCHF has broken below minor support at around 0.9810 and is within few cents of the key support at around 0.9708.
EURCHF is below all Moving Averages and RSI is below 40 i.e., in negative sentiment.
To reverse the down trend a close above 1.0042 is needed.

Medium-term EURCHF has resumed its downtrend. Weekly RSI have not managed to close above 60 threshold despite a strong rebound and uptrend in EURCHF since September.
55 weekly Moving Average and the 0.382 retracement at 1.0074 were too strong to close above and with last weeks sell-off EURCHF is back in bearish trend.
Strong support at around 0.97.

GBPCHF is testing key support at around 1.1045 in what seems to be a descending triangle like pattern.  0.382 retracement of the September 2022 trough to October rebound peak is at 1.1024. 
There is minor support at around 1.0930 but GBPCHF is in a downtrend as indicated with the daily RSI below 40 threshold i.e., negative sentiment. GBPCHF is also below all moving averages further adding to the negative sentiment picture

Weekly chart shows more clearly the descending like triangle and key support at around 1.1045 and the 0.382 retracement. Weekly RSI has been showing negative sentiment for more than a year and the bounce in September 2022 did not revers that. If GBPCHF closes below 1.1048 and weekly RSI below 40 the it could fuel a down to 0.618 retracement at at around 1.0711 but it would not be unlikely BGPCHF drops down to the 0.786 retracement at around 1.0473. 
To reverse this bearish picture a close above 1.1375 is needed


The Saxo 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 is not intended to and does not change or expand on this. 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 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 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 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 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 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 (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.