- USD/CHF bounces around 0.9170 as buyers stepped in, lifting the pair near 0.9200.
- For USD/CHF to extend its losses, it needs a daily close below 0.9200.
- Otherwise, a bullish Harami candlestick pattern could exacerbate a rally in USD/CHF towards 0.9300.
USD/CHF is paring Monday’s losses and bouncing off daily lows as sellers failed to gain traction below the 0.9200 figure, hitting a daily low of 0.9194 before giving way to buyers. Therefore, USD/CHF is forming a bullish Harami candlestick pattern, pending confirmation as it trades at 0.9234, up 0.25%.
USD/CHF Price Analysis: Technical Perspective
After failing to extend its losses below 0.9167, USD/CHF is staging a comeback. The formation of a bullish harami could open the door for further gains, although it should be confirmed once USD/CHF recovers to 0.9292. If this scenario holds, then the next USD/CHF resistance would be the 20-day EMA, which follows the bullish/bearish price action in the pair, at 0.9299. followed by last week’s high at 0.9409.
However, the Relative Strength Index (RSI) remains in bearish territory, albeit heading higher, keeping buyers hoping for higher prices.
As an alternate scenario, key support levels for USD/CHF would be 0.9200, followed by the 09 Jan daily low at 0.9167, before the 0.9100 zone.
Key USD/CHF Technical Levels
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.
