USD/CHF Price Analysis: Hits new YTD lows for the second consecutive day at around 0.8850s


  • USD/CHF is poised for further decline on the daily chart.
  • USD/CHF 4-Hour chart suggests consolidation, but a bearish continuation could happen below 0.8859.
  • Bearish oscillators with oversold RSI may lead to an upward correction.

USD/CHF extended to new year-to-date (YTD) lows for the second straight day at 0.8859, though it rebounded slightly but remained below the psychological resistance at 0.8900. Fundamentals pointing the US economy toward a strong deceleration and a possible US Federal Reserve (Fed) pivot are the main reasons pressuring the American Dollar (USD). Therefore, the USD/CHF is trading at 0.8882 after hitting a high of 0.8974.

USD/CHF Price Action

From a daily chart perspective, the USD/CHF might continue to fall further, though buyers stepped in at around 0.8871, the February 16 cycle low. Although the USD/CHF fell beyond the latter, it bounced strongly, as USD/CHF bulls look forward to reclaiming the 0.8900 figure.

Short term, the USD/CHF 4-Hour chart suggests the pair is consolidating once it formed a doji, just below the S2 daily pivot point around 0.8888. For a bearish continuation, the USD/CHF needs to dive below 0.8859 to extend its losses toward the S3 pivot point at 0.8832, ahead of falling to 0.8800.

Although oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) maintain a bearish bias, the RSI is in oversold territory. Hence, an upward correction is likely, though buyers must reclaim the 0.8900 figure.

Once achieved, the USD/CHF next resistance would bet the S1 pivot point at 0.8925, followed by the confluence of the daily pivot point and the 20-day EMA at 0.8975/80 before testing 0.9000.

USD/CHF 4-Hour chart

USD/CHF 4-hour chart

USD/CHF Technical Levels

USD/CHF

Overview
Today last price 0.8882
Today Daily Change -0.0079
Today Daily Change % -0.88
Today daily open 0.8961
 
Trends
Daily SMA20 0.9143
Daily SMA50 0.9228
Daily SMA100 0.9263
Daily SMA200 0.9497
 
Levels
Previous Daily High 0.9039
Previous Daily Low 0.8944
Previous Weekly High 0.9198
Previous Weekly Low 0.9007
Previous Monthly High 0.944
Previous Monthly Low 0.9072
Daily Fibonacci 38.2% 0.898
Daily Fibonacci 61.8% 0.9002
Daily Pivot Point S1 0.8924
Daily Pivot Point S2 0.8886
Daily Pivot Point S3 0.8828
Daily Pivot Point R1 0.9018
Daily Pivot Point R2 0.9076
Daily Pivot Point R3 0.9113

 

 

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