USD/CHF Price Analysis: Hits fresh lows on the back of weak US Dollar, with bears lurking around 0.8950

USD/CHF dropped on mixed news about the United States economy, which weakened the US Dollar.
USD/CHF bears lurk as support levels threaten to crumble below 0.8950.
Bulls remain hopeful as resistance levels are within striking distance, at around 0.9000.

Christian Borjon Valencia FXStreet

The USD/CHF tumbled to 22-fresh monthly lows at 0.8943 after fundamental news from the United States (US) weakened the US Dollar (USD), even though chances for another rate hike by the Fed remained high. As the Asian session begins, the USD/CHF Is trading at 0.8956, printing minuscule gains of 0.03%.

USD/CHF Price Action

Following a break of a support trendline drawn from March 13 lows around 0.9070, the USD/CHF exacerbated its fall and broke to a new YTD low since the first day of April. Although the pair braced for the 0.9050 area, it posted two days of 60-plus pips back-to-back losses, dragging prices to levels last seen since June 2021.

If USD/CHF breaks below 0.8950, that would expose the 2023 YTD low at 0.8943. Once cleared, the USD/CHF could tumble toward the June 9 low at 0.8926, followed by the 0.8900 figure. On the other hand, if the USD/CHF reclaims the 0.9000 mark, upside risks lie at the April 12 high at 0.9035, followed by 0.9050, ahead of testing the 20-day EMA at 0.9106.

USD/CHF Daily Chart

USD/CHF Technical

USD/CHF

Overview
Today last price	0.8962
Today Daily Change	-0.0071
Today Daily Change %	-0.79
Today daily open	0.9033

Trends
Daily SMA20	0.9162
Daily SMA50	0.9231
Daily SMA100	0.9267
Daily SMA200	0.9501

Levels
Previous Daily High	0.9098
Previous Daily Low	0.9028
Previous Weekly High	0.9198
Previous Weekly Low	0.9007
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.9055
Daily Fibonacci 61.8%	0.9071
Daily Pivot Point S1	0.9008
Daily Pivot Point S2	0.8983
Daily Pivot Point S3	0.8938
Daily Pivot Point R1	0.9078
Daily Pivot Point R2	0.9123
Daily Pivot Point R3	0.9148

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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