USD/CHF Price Analysis: Focus on 0.9080 support as SNB rate hike looms


  • USD/CHF remains depressed at one-week low during three-day losing streak.
  • U-turn from 100-DMA, sustained observance of fortnight-old resistance line favor bears.
  • Downbeat oscillators add strength to the south-run targeting seven-week-old support line.
  • 50-DMA joins short-term resistance line to highlight 0.9255 as the key upside hurdle.

USD/CHF portrays a three-day downtrend at the lowest level in a week, down 0.25% intraday around 0.9155 heading into Thursday’s European session, as the pair sellers brace for the Swiss National bank (SNB) Interest Rate Decision.

Also read: USD/CHF keeps Fed inflicted losses below 0.9200 ahead of SNB Interest Rate Decision

In doing so, the Swiss Franc (CHF) pair sellers cheer the quote’s sustained trading below the fortnight-old descending resistance line, as well as a U-turn from the 100-DMA. It’s worth noting that the bearish MACD signals and the downbeat RSI (14), not oversold, also exert downside pressure on the USD/CHF prices.

Hence, the pair is well-set to decline towards a seven-week-old ascending support line, near 0.9080 by the press time.

However, the RSI conditions appear closer to the oversold territory and hence the USD/CHF pair’s weakness past 0.9080 becomes elusive.

Should the quote drops below 0.9080, the 0.9000 psychological magnet and the 61.8% Fibonacci Expansion (FE) of the pair’s moves between November 10, 2022, and March 03, 2023, around 0.8915, will gain the market’s attention.

Alternatively, a convergence of the 50-DMA and a two-week-old resistance line, near 0.9255 at the latest, restrict short-term USD/CHF upside ahead of the 100-DMA resistance surrounding 0.9335.

In a case where the Swiss pair buyers keep the reins past 0.9335, the monthly high of near 0.9440 could act as the last defense of the pair bears.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9154
Today Daily Change -0.0020
Today Daily Change % -0.22%
Today daily open 0.9174
 
Trends
Daily SMA20 0.9312
Daily SMA50 0.9257
Daily SMA100 0.9343
Daily SMA200 0.9536
 
Levels
Previous Daily High 0.9246
Previous Daily Low 0.9147
Previous Weekly High 0.9342
Previous Weekly Low 0.9072
Previous Monthly High 0.9429
Previous Monthly Low 0.9059
Daily Fibonacci 38.2% 0.9185
Daily Fibonacci 61.8% 0.9208
Daily Pivot Point S1 0.9132
Daily Pivot Point S2 0.909
Daily Pivot Point S3 0.9034
Daily Pivot Point R1 0.9231
Daily Pivot Point R2 0.9288
Daily Pivot Point R3 0.9329

 

 

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