USD/CHF Price Analysis: Climbs back closer to multi-month tops, 0.9200 remains in sight

  • USD/CHF attracted some dip-buying on Wednesday near the very important 200-day SMA.
  • Slightly overbought RSI on the daily chart warrants caution before placing fresh bullish bets.
  • Any meaningful slide towards the 0.9140-30 region could be seen as a buying opportunity.

The USD/CHF pair caught some fresh bids on Wednesday and has now moved back closer to near four-month tops touched in the previous session.

A fresh leg up in the US Treasury bond yields helped revived the US dollar demand. Apart from this, the prevalent risk-on mood undermined demand for the safe-haven Swiss franc and provided a goodish lift to the USD/CHF pair.

From a technical perspective, the overnight pullback from the vicinity of the 0.9200 mark, or a resistance marked by the 38.2% Fibonacci level of the 0.9902-0.8758 downfall, stalled near the very important 200-day SMA.

The emergence of some dip-buying and acceptance above a technically significant moving average supports prospects for additional gains. That said, slightly overbought RSI on the daily chart warrants some caution for bullish traders.

This makes it prudent to wait for some near-term consolidation before positioning for an extension of a near two-month-old uptrend. Alternatively, bulls might wait for a sustained move beyond the 0.9200 mark before placing fresh bets.

On the flip side, the 0.9140-30 region (200-DMA) might continue to protect the immediate downside. Any subsequent fall might still be seen as a buying opportunity and remain limited near the 0.9100-0.9090 horizontal support.

This is followed by the 23.6% Fibo. level, around the 0.9040-35 region, which if broken will negate any near-term bullish bias. The USD/CHF pair might then slide below the key 0.9000 psychological mark and test 0.8965-60 support zone.

USD/CHF daily chart


Technical levels to watch


Today last price 0.9175
Today Daily Change 0.0030
Today Daily Change % 0.33
Today daily open 0.9145
Daily SMA20 0.8997
Daily SMA50 0.8923
Daily SMA100 0.8981
Daily SMA200 0.913
Previous Daily High 0.9194
Previous Daily Low 0.9136
Previous Weekly High 0.9102
Previous Weekly Low 0.8948
Previous Monthly High 0.9102
Previous Monthly Low 0.8871
Daily Fibonacci 38.2% 0.9158
Daily Fibonacci 61.8% 0.9172
Daily Pivot Point S1 0.9123
Daily Pivot Point S2 0.9101
Daily Pivot Point S3 0.9066
Daily Pivot Point R1 0.918
Daily Pivot Point R2 0.9216
Daily Pivot Point R3 0.9237



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