USD/CHF Price Analysis: Buyers eye 0.9110, as a bullish-engulfing candle emerges

USD/CHF reclaims the 200-day moving average and sets its sight at 0.9110, the latest cycle low.
Key resistance levels lie at 0.9100, followed by 0.9110 and 0.9245.
The major could turn bearish, below 0.9019, with bears targeting the 50-DMA at 0.8939.

Christian Borjon Valencia FXStreet

The USD/CHF snapped six days of consecutive losses as the Greenback (USD) stages a recovery on news that inflation in the United States (US) remains hot, sparking worries the US central bank would act to curb high inflation. Hence, the major rallied sharply, more than 0.70%, and exchanged hands at 0.9080 as the Asian session began.

The daily chart witnessed the pair bouncing from around one-and-a-half-month lows around 0.8986, with the USD/CHF breaking to the upside, cracking the 200-day moving average (DMA) at 0.9019 on its way north, and reaching a new three-day high at around 0.9088. That said, the next resistance would be the 0.9100 figure. A breach of the latter would expose the September 29 cycle low of 0.9110, which once cleared, the pair could re-test the October 3 high of 0.9245.

On the other hand, a drop below the 200-DMA at 0.9019 could pave the way to test the 50-DMA at 0.8939, before sliding towards 0.8939.

USD/CHF Price Action – Daily chart

USD/CHF Technical Levels

USD/CHF

Overview
Today last price	0.9082
Today Daily Change	0.0062
Today Daily Change %	0.69
Today daily open	0.902

Trends
Daily SMA20	0.9084
Daily SMA50	0.8927
Daily SMA100	0.8907
Daily SMA200	0.9024

Levels
Previous Daily High	0.9055
Previous Daily Low	0.9002
Previous Weekly High	0.9244
Previous Weekly Low	0.9073
Previous Monthly High	0.9225
Previous Monthly Low	0.8795
Daily Fibonacci 38.2%	0.9022
Daily Fibonacci 61.8%	0.9035
Daily Pivot Point S1	0.8996
Daily Pivot Point S2	0.8973
Daily Pivot Point S3	0.8944
Daily Pivot Point R1	0.9049
Daily Pivot Point R2	0.9078
Daily Pivot Point R3	0.9102

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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