- USD/CHF is posting losses for the week, down 0.30%.
- The break of the 0.9220-60 range exacerbated a move below 0.9200, claimed late by the risk-off market mood due to Ukraine/Russia headlines.
- USD/CHF has a neutral bias to the downside as long as it stays below the 100 and 50 DMA.
The USD/CHF it extends its losses during the week and on Friday it barely drops 0.02%. At time of writing, USD/CHF is trading at 0.9216, recovering 0.9200 after posting a daily low of 0.9191.
On Wednesday, USD/CHF finally broke out of the 0.9220-60 range to the downside on appetite for safe haven pairs excluding the US dollar. Furthermore, on its way to the 0.9190 highs, it recaptured the 100 and 50 daily moving averages (DMAs), exacerbating a move lower in prices.
USD/CHF Price Forecast: Technical Outlook
Therefore, USD/CHF has a neutral bias to the downside. The first USD/CHF support would be the 200 DMA at 0.9173, near the Feb 4 daily low of 0.9176. A break of the latter would expose the daily low of Jan 21 at 0.9107.
On the other hand, USD/CHF’s first resistance would be the Feb 9 daily low at 0.9221, previous support is now resistance, followed by 0.9260, and then the Feb 10 daily high at 0.9296.
Additional technical levels
Source: Fx Street
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