USD/CHF Price Analysis: The rally stalls at 0.9000 and retraces toward the 0.8950 area
|- USD/CHF faces resistance at 0.9000 and falls for the first time in three days.
- USD/CHF Price Analysis: It might print a leg-up above 0.9000; otherwise, a bearish continuation would resume below 0.8900.
USD/CHF retreats after posting back-to-back days of gains, down 0.17%, after hitting a weekly high of 0.8996. At the time of writing, the USD/CHF exchanges hands at 0.8969, ahead of the Wall Street close.
USD/CHF Price Action
From a technical perspective, the USD/CHF daily chart portrays the major as downward biased, losing almost 3% annually. However, last Friday, the USD/CHF pair snapped three days of straight losses, forming a bullish piercing pattern that failed to extend above the psychological 0.9000 figure. Even though the USD/CHF is in a pullback, the Rate of Change (RoC) suggests that buyers are outpacing sellers, which could put into play a challenge of the 0.9000 figure.
If USD/CHF cracks the latter, that will expose the 20-day Exponential Moving Average (EMA) at 0.9065, followed by the 0.9100 mark. Once cleared, the USD/CHF could rally towards the 50-day EMA at 0.9164.
Conversely, a bearish continuation will resume once the USD/CHF breaks below 0.8921. A breach of the latter will expose the 0.8900 figure, followed by the YTD low at 0.8859.
USD/CHF Daily Chart
USD/CHF Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.