USD/CHF Price Analysis: Drops below 0.9300 ahead of FOMC minutes

USD/CHF failed to crack above 0.9400, exacerbating a fall beneath 0.9300.
US Dollar weakness and the confluence of technical levels around 0.9370s stalled the USD/CHF rally.
A daily close above 0.9250 could lift the USD/CHF back again, towards 0.9300.

Christian Borjon Valencia FXStreet

The USD/CHF struggles to clear the 0.9370 barrier, dives below the 20-day Exponential Moving Average (EMA), and the 0.9300 figure as the US Dollar (USD) weakens. The USD/CHF is trading at 0.9279, below its opening price by 0.80%.

USD/CHF Price Analysis: Technical outlook

After reaching a weekly high at around 0.9398 on Wednesday, the USD/CHF shifted gears and snapped three days of gains. The USD/CHF dived below the 20-day EMA, which sits at 0.9317, extending its fall toward its daily lows of 0.9253, but solid support around the latter spurred a slight jump to the current exchange rates.

The Relative Strength Index (RSI) failed to crack its midline and remained at bearish territory, exacerbating today’s fall. The Rate of Change (RoC) flashes sellers gathering some momentum. However, the top trendline of a falling wedge, a bullish chart pattern that emerged in the USD/CHF daily chart, stalled the drop. Therefore, the USD/CHF might remain range-bound.

The USD/CHF key support levels would be the 0.9250 figure, followed by the 0.9200 mark. As an alternate scenario, the USD/CHF first resistance would be 0.9300, followed by the weekly high of 0.9398, ahead of the 0.9400 mark.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9271
Today Daily Change	-0.0089
Today Daily Change %	-0.95
Today daily open	0.936

Trends
Daily SMA20	0.9306
Daily SMA50	0.951
Daily SMA100	0.9651
Daily SMA200	0.9644

Levels
Previous Daily High	0.9399
Previous Daily Low	0.923
Previous Weekly High	0.9338
Previous Weekly Low	0.9201
Previous Monthly High	0.9471
Previous Monthly Low	0.9201
Daily Fibonacci 38.2%	0.9334
Daily Fibonacci 61.8%	0.9294
Daily Pivot Point S1	0.926
Daily Pivot Point S2	0.9161
Daily Pivot Point S3	0.9092
Daily Pivot Point R1	0.9429
Daily Pivot Point R2	0.9498
Daily Pivot Point R3	0.9597

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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