- USD/CHF remains biased to the downside, although it posted gains of 0.26% on Thursday.
- If the USD/CHF pair fails to break out of the 20-day EMA, the pair would remain exposed to sellers.
- USD/CHF Price Analysis: The downtrend remains intact, but the pair appears to be bottoming out.
The USD/CHF It pares some of its losses from Wednesday but misses the test of the 20-day EMA at 0.9237, leaving the USD/CHF pair adrift on selling pressure. After hitting a daily high of 0.9225, it has pulled back to its current spot price. At the time of writing, the USD/CHF pair is trading at 0.9200.
USD/CHF Price Analysis: Technical Perspective
Despite the fact that the USD/CHF pair is posting a bullish day, the pair’s bias remains bearish. As long as buyers recapture the Jan 24 daily high of 0.9360, then USD/CHF could turn neutral-bearish and have a chance to test the 50-day EMA at 0.9343, ahead of the Jan 12 high of 0.9360. The next resistance would be the psychological level of 0.9400.
Against the background, oscillators have failed to support the bullish thesis and have remained in negative territory. Except for the Relative Strength Index (RSI), which is in bearish territory but approaching the midline of 50. Once the RSI turns bullish, prospects for a rise in USD/USD exchange rates could strengthen. CHF.
As an alternative scenario, the first support for USD/CHF would be 0.9200. Once passed, the next demand zone to test would be today’s low at 0.9158. If this zone is breached, USD/CHF could fall towards the low of 0.9085.
Key technical levels for USD/CHF
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
