USDCHF @ 0.94070 – Support/Resistance analysis: Price Analysis: Surrenders the 200-DMA as sellers eye 0.9200

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USDCHF @ 0.94070 – Support/Resistance analysis: Price Analysis: Surrenders the 200-DMA as sellers eye 0.9200

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• USD/CHF broke below the 200-DMA, ending the major’s upward bias.
• In the near term, the USD/CHF is neutral to downwards, but buyers reclaiming 0.9450 exerts upward pressure on the major.

The pair currently trades last at 0.94070.

The previous day high was 0.9545 while the previous day low was 0.9394. The daily 38.2% Fib levels comes at 0.9452, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9487, expected to provide resistance.

The USD/CHF stumbles for the sixth consecutive day and breaks support provided by the 200-DMA at 0.9427, shifting the major’s bias downwards, with sellers reclaiming the latter, extending the USD/CHF losses in the week to 2.17%. At the time of writing, the USD/CHF is trading at 0.9408.

From a daily chart perspective, although breaking below the 200-day EMA, the USD/CHF risks are skewed to the upside. Thursday’s price action formed a hammer, preceded by a downtrend. That said, the major might re-test the 200-day EMA as a resistance level. If the latter holds, that could pave the way towards the March 31 low at 0.9194.

USD/CHF Daily chart

Zooming into the one-hour scale, the USD//CHF chart portrays the pair as neutral-to-downwards, but a positive divergence between the RSI and price action suggests an upward correction is on the cards. If that scenario plays out, the USD/CHF first resistance would be the confluence of the 50-hour EMA and the R1 pivot at 0.9447. Break above will expose the R2 daily pivot at 0.9484, followed by 0.9500.

USD/CHF 1-hour chart

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9411 at the time of writing. Pair opened at 0.943 and is trading with a change of -0.2 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9619, 50 SMA 0.9675, 100 SMA @ 0.9631 and 200 SMA @ 0.9429.

The previous day high was 0.9545 while the previous day low was 0.9394. The daily 38.2% Fib levels comes at 0.9452, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9487, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.9368, 0.9305, 0.9216
• Pivot resistance is noted at 0.9519, 0.9608, 0.9671

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