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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	0.9236
Today Daily Change	-0.0022
Today Daily Change %	-0.24%
Today daily open	0.9258

Trends
Daily SMA20	0.9223
Daily SMA50	0.9205
Daily SMA100	0.9217
Daily SMA200	0.9174

Levels
Previous Daily High	0.9272
Previous Daily Low	0.9238
Previous Weekly High	0.9297
Previous Weekly Low	0.9222
Previous Monthly High	0.9343
Previous Monthly Low	0.9092
Daily Fibonacci 38.2%	0.9259
Daily Fibonacci 61.8%	0.9251
Daily Pivot Point S1	0.924
Daily Pivot Point S2	0.9221
Daily Pivot Point S3	0.9205
Daily Pivot Point R1	0.9274
Daily Pivot Point R2	0.9291
Daily Pivot Point R3	0.9309

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.

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