USD/CHF Price Analysis: Buyers moved in, but sellers are looming

USD/CHF gains traction after falling short of breaking to new YTD lows.
USD/CHF Price Analysis: Downward biased; it might test 0.9059 and below.

Christian Borjon Valencia FXStreet

USD/CHF trims some of its Monday losses and shifts positively on Tuesday, gaining 0.47%. The USD/CHF is trading at 0.9151 after hitting a daily low of 0.9094 earlier in the European session.

USD/CHF Price action

After collapsing for three consecutive days, the USD/CHF found a bottom shy of the year-to-date (YTD) lows at 0.9070. However, the USD/CHF recovery has fallen short of cracking a previous low-turned resistance around 0.9160. That could exacerbate the downtrend, and the USD/CHF could be testing YTD lows soon.

The Relative Strength Index (RSI) remains in bearish territory, though turned flat. This means that sellers are taking a respite before pushing prices lower. The Rate of Change (RoC) portrays buyers stepping in but with insufficient force to shift the bias. The path of least resistance is downward biased.

The USD/CHF first support would be the 0.9100 figure. Break below, and the pair might fall toward March’s 13 daily low at 0.9070 before testing the YTD low at 0.9059, ahead of the 0.9000 figure. In an alternate scenario, the USD/CHF first resistance would be the March 13 daily high of 0.9205. Once cleared, the USD/CHF’s next resistance would be the 20-day Exponential Moving Average (EMA) At 0.9283 before reaching 0.9300.

USD/CHF Daily chart

USD/CHF Technical levels

USD/CHF

Overview
Today last price	0.9138
Today Daily Change	0.0020
Today Daily Change %	0.22
Today daily open	0.9118

Trends
Daily SMA20	0.9315
Daily SMA50	0.9264
Daily SMA100	0.9393
Daily SMA200	0.9558

Levels
Previous Daily High	0.9214
Previous Daily Low	0.9072
Previous Weekly High	0.9439
Previous Weekly Low	0.9175
Previous Monthly High	0.9429
Previous Monthly Low	0.9059
Daily Fibonacci 38.2%	0.9126
Daily Fibonacci 61.8%	0.916
Daily Pivot Point S1	0.9055
Daily Pivot Point S2	0.8992
Daily Pivot Point S3	0.8913
Daily Pivot Point R1	0.9198
Daily Pivot Point R2	0.9277
Daily Pivot Point R3	0.934

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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