USD/CHF Price Analysis: Bounces off 14-month low but stays on the bear’s radar below 0.9200


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  • USD/CHF consolidates recent losses around the lowest levels since November 2021.
  • A two-month-old bearish channel, downbeat oscillators keep sellers hopeful.
  • Bear cross, clear downside break of key ascending trend line adds strength to the bearish bias.
  • Recovery remains elusive unless the quote stays below 200-DMA.

USD/CHF picks up bids to lick its wounds around the lowest levels since November 2021, marked the previous day, during Thursday’s quiet Asian session.

Even so, the Swiss currency (CHF) pair remains on the bear’s radar as it stays inside a bearish channel connecting multiple levels marked since November 2022.

Also, the impending bear cross on the MACD and descending RSI line, not oversold, suggest the quote’s further downside.

Above all, the USD/CHF pair’s sustained trading below the key support line from mid-2021, as well as the 100-DMA’s piercing off the 200-DMA from above, known as the “death cross”, offer extra reasons to expect the quote’s further weakness.

It should be noted that the 61.8% Fibonacci retracement level of the pair’s June 2021 to November 2022 upside, near 0.9390, acts nearby hurdle for the pair.

That said, a broad bearish range between 0.9040 and 0.9320 restrict short-term USD/CHF moves ahead of the multi-month-old previous support line, around 0.9420.

In a case where USD/CHF manages to cross the 0.9420 hurdle, the 100-DMA and the 200-DMA, respectively near 0.9600 and 0.9640 could act as the last defenses of the USD/CHF bears.

On the contrary, a downside break of 0.9040 could witness the 0.9000 psychological manget as an extra filter to the south before challenging the mid-2021 bottom surrounding 0.8925.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9172
Today Daily Change 0.0004
Today Daily Change % 0.04%
Today daily open 0.9168
 
Trends
Daily SMA20 0.9277
Daily SMA50 0.9359
Daily SMA100 0.9609
Daily SMA200 0.9642
 
Levels
Previous Daily High 0.9246
Previous Daily Low 0.9085
Previous Weekly High 0.9363
Previous Weekly Low 0.9167
Previous Monthly High 0.9471
Previous Monthly Low 0.9201
Daily Fibonacci 38.2% 0.9147
Daily Fibonacci 61.8% 0.9185
Daily Pivot Point S1 0.9087
Daily Pivot Point S2 0.9006
Daily Pivot Point S3 0.8926
Daily Pivot Point R1 0.9248
Daily Pivot Point R2 0.9327
Daily Pivot Point R3 0.9408

 

 

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