On Wednesday, the US dollar (USD) remained steady against the Swiss franc (CHF). After a drop to a weekly low of around 0.7810 on Tuesday, it found some support at the previous level of around 0.7860. The market seems a bit lost, perhaps because there’s a lack of significant macroeconomic updates and mixed signals from the Middle East.
The Iranian government has reported that its risk appetite is still quite low following a US attack in southern Iran earlier this week. Despite this, there’s a sense of cautious optimism among investors regarding a potential resolution to the conflict. So, any upward movement in the dollar appears to be limited for now, while oil prices hover about 10% below their recent peak.
Technical analysis: Short-term trends show positive signs
The USD/CHF pair encountered support at the broken trend line of the descending wedge pattern on Monday and bounced back, maintaining a bullish outlook for the moment. However, the momentum indicators point to a lack of strong direction. The four-hour Relative Strength Index (RSI) sits around the neutral midpoint of 50, and the Moving Average Convergence Divergence (MACD) has just crept into positive territory, suggesting a hesitant effort to stabilize.
For the bulls, breaking through the resistance level near 0.7860—an area that has seen action on May 20th and 21st—along with the stronger resistance between 0.7905 and 0.7925, which was tested multiple times in April and May, is crucial for confirming a shift in trend. If this happens, it might pave the way towards the April peak above 0.8000.
On the other hand, if the price falls below that trend line at about 0.7800, it could give sellers the upper hand, potentially bringing the May 8 low of 0.7762 into play, and the wedge bottom currently seen around 0.7700.
USD price today
The table below shows how the US dollar (USD) has changed against major currencies today, with the dollar being particularly strong against the Australian dollar.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | 0.00% | 0.10% | 0.09% | 0.42% | -0.68% | -0.05% | |
| EUR | 0.12% | 0.12% | 0.20% | 0.20% | 0.49% | -0.56% | 0.07% | |
| GBP | -0.01% | -0.12% | 0.04% | 0.08% | 0.39% | -0.66% | -0.04% | |
| JPY | -0.10% | -0.20% | -0.04% | 0.00% | 0.32% | -0.75% | -0.11% | |
| CAD | -0.09% | -0.20% | -0.08% | -0.01% | 0.31% | -0.73% | -0.11% | |
| australian dollar | -0.42% | -0.49% | -0.39% | -0.32% | -0.31% | -1.04% | -0.40% | |
| new zealand dollar | 0.68% | 0.56% | 0.66% | 0.75% | 0.73% | 1.04% | 0.63% | |
| swiss franc | 0.05% | -0.07% | 0.04% | 0.11% | 0.11% | 0.40% | -0.63% |
The heat map indicates the percentage changes between major currencies, with the base currency noted in the left column and the quote currency across the top row. For instance, selecting USD from the left and moving to JPY shows the percentage change reflecting USD (base) against JPY (estimate).
