- USD/CHF remains range bound, though trading slightly below 0.9200.
- USD/CHF: If it recaptures the 50 day EMA, it will turn to neutral; otherwise, the downtrend is likely to resume.
He USD/CHF pull back for two days in a row, although buyers are recapturing the Feb 7 daily low of 0.9191 as they aim to recapture the 50-day EMA at 0.9299. At the time of writing, USD/CHF is trading around 0.9200.
USD/CHF Price Analysis: Technical Perspective
After dipping below 0.9200, USD/CHF found solid support around 0.9180, below a downtrend resistance trendline from two months ago, which turned into support. It must be said that the USD/CHF pair continues to have a neutral to bearish bias, but with the 20-day EMA at 0.9215, the USD/CHF could rally in the short term.
However, oscillators such as the Relative Strength Index (RSI) suggest a bearish continuation is expected after crossing below the 50 midline. Conversely, the Rate of Change (RoC) indicates a sideways action.
For USD/CHF to turn neutral, buyers need to recapture the 50-day EMA at 0.9299. Once this happens, buyers of the USD/CHF could be ready to test the 100 day EMA at 0.9416. before the 200 day EMA at 0.9478.
To resume the downtrend, USD/CHF must break the 0.9112 February 3 daily low, which could pave the way to retest the yoy low at 0.9059.
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.
