- USD/CHF faced solid resistance around the 100 day EMA and slumped 70 pips from its highs.
- USD/CHF could fall towards 0.9500 unless the buyers retake the 200 hourly EMA at 0.9665.
The USD/CHF extends its weekly losses and falls for the third day in a row, falling below the 100 day EMA and below 0.9600, as the US GDP figures came in worse than estimated and showed the US economy The US is in a technical recession. At the time of writing, the USD/CHF is trading at 0.9576.
USD/CHF Price Analysis: Technical Outlook
USD/CHF price action on Wednesday saw the pair slide below the 100-day EMA at 0.9610 and post a daily close below 0.9600. However, USD/CHF buyers lifted the pair as sentiment turned sour. However, the solid resistances above, such as the 61.8% Fib retracement at 0.9644 and the 100 day EMA, were difficult highs to break, with sellers outperforming buyers. Thus, USD/CHF tumbled 70 pips from its daily highs.
USD/CHF 1 hour chart
The USD/CHF hourly chart shows the pair with a bearish bias. The pair fell below the 100, 50 and 20 hourly EMAs, but the decline was limited around the daily S1 pivot around 0.9562. If USD/CHF buyers want to regain control, they will need a decisive break above the 200 hourly EMA at 0.9665; otherwise, the sellers are in charge.
Therefore, the first support for the USD/CHF will be the S1 pivot point at 0.9562. A break of the latter will expose the S2 daily pivot at 0.9536, which, once breached, will leave the major vulnerable to a drop towards 0.9500.
Key USD/CHF Technical Levels
Source: Fx Street
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