USD/CHF Price Analysis: Bears eye 0.9200 on breaking three-week-old support
- USD/CHF takes offers to refresh intraday low after breaking an ascending trend line from January 24.
- Steady RSI keeps bearish bias intact, key DMAs to offer a bumpy road to the south.
- An 11-day-old resistance line adds to the upside filters.
USD/CHF refreshes intraday low around 0.9235, down 0.25% on a day after breaking a short-term crucial support line during Tuesday’s Asian session.
Given the absence of oversold RSI conditions and the pair’s sustained trading below a two-week-old resistance line, USD/CHF prices are likely to decline further.
As a result, the 100-DMA and the monthly low, respectively around 0.9215 and 0.9180, pop up on the bear’s radars.
However, the 200-DMA level of 0.9175 and multiple lows marked since late 2021 around 0.9090 will challenge the USD/CHF pair’s further downside.
On the flip side, recovery moves beyond the previous support line, around 0.9245 at the latest, isn’t an open invitation to the USD/CHF buyers as a short-term resistance line at 0.9280 will test the pair’s additional upside.
In a case where USD/CHF bulls keep reins past 0.9280, the 0.9300 threshold and the latest peak surrounding 0.9345, marked in January, will be crucial to watch.
USD/CHF: Daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
