USD/CHF Price Analysis: Initial resistance level is seen at 0.8910

The USD/CHF starts a new week on a positive note and edges above 0.8900 on Monday.
The Relative Strength Index (RSI) stands below 50, indicating the extended downside cannot be ruled out.
Initial resistance is seen at 0.8915, the 0.8880 area is the immediate support level.

FXStreet Team FXStreet

USD/CHF edges higher to 0.8900 area during the Asian trading hours on Monday. The pair rebounds from a two-month low of 0.8875 as the US Dollar (USD) resumes the demand. The pair currently trades near 0.8905, up to 0.20% on the day.

According to the one-hour chart, USD/CHF holds below the 25-hour and the 50-hour Exponential Moving Averages (EMA), which means the path of least resistance for the USD/CHF pair is to the downside.

The initial resistance level is seen at 0.8914, representing the 25-hour EMA en route to 0.8932, the 50-hour EMA. A break above the latter would see an increase to 0.8950, representing the horizontal line.

On the flip side, the 0.8880 area acts as an immediate support level (low of July 7). A breach of the mentioned level would expose to 0.8870 (low of May 10), followed by 0.8835 (low of May 5).

Meanwhile, the Relative Strength Index (RSI) stands below 50, bearish territory, meaning the extended downside cannot be ruled out.

USD/CHF 1-hour chart

Key levels to watch

USD/CHF

Overview
Today last price	0.8906
Today Daily Change	0.0017
Today Daily Change %	0.19
Today daily open	0.8889

Trends
Daily SMA20	0.8969
Daily SMA50	0.8984
Daily SMA100	0.9071
Daily SMA200	0.9282

Levels
Previous Daily High	0.897
Previous Daily Low	0.8876
Previous Weekly High	0.9005
Previous Weekly Low	0.8876
Previous Monthly High	0.912
Previous Monthly Low	0.8902
Daily Fibonacci 38.2%	0.8912
Daily Fibonacci 61.8%	0.8934
Daily Pivot Point S1	0.8853
Daily Pivot Point S2	0.8817
Daily Pivot Point S3	0.8759
Daily Pivot Point R1	0.8948
Daily Pivot Point R2	0.9006
Daily Pivot Point R3	0.9042

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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