- USD/CHF rises but crashes against the 20 day EMA and retraces some of its gains.
- USD/CHF’s inability to break above 0.9300 exacerbated a pullback towards 0.9220.
The USD/CHF rises slightly after touching a daily minimum at 0.9192 and recovers the figure of 0.9200 in the middle of the North American session. However, USD/CHF gave back some of its earlier gains as it failed to hold above the 20-day EMA. At the time of writing, USD/CHF is trading at 0.9228.
USD/CHF Price Analysis: Technical Perspective
On the daily chart, the USD/CHF pair shows a neutral downward trend. The USD/CHF pair reached daily highs at 0.9297, but failed to break above the 20-day EMA at 0.9248. USD/CHF pulled back further but remained in positive territory.
If USD/CHF records a daily close around Tuesday’s open, a doji will form, which could exacerbate a resumption of the downtrend, posing a threat to the 0.9091 low. However, on its way south, the USD/CHF would encounter some obstacles, such as the daily low of 0.9150 on February 21, followed by 0.9100, and then the yearly low.
As an alternative scenario, the first resistance for USD/CHF would be the 20-day EMA at 0.9248, followed by 0.9300. A break of this latest resistance would expose the 50 day EMA at 0.9356, followed by 0.9400.
USD/CHF Key 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.
