USD/CHF Price Analysis: Plunges below 0.9000 ahead of the Fed decision

USD/CHF slides below key technical support levels: 50 and 20-day EMAs.
Bears target a May 22 swing low of 0.8940, with eyes on the psychological 0.8900 level.
Oscillators RSI and RoC signal continued downward momentum.

Christian Borjon Valencia FXStreet

USD/CHF nosedives ahead of the Federal Reserve’s (Fed) decision after falling below technical support levels, trading below the 0.9000 handle after reaching a daily high of 0.9060. At the time of writing, the USD/CHF is trading at 0.8969, down 0.90%.

USD/CHF Price Analysis: Technical outlook

The USD/CHF resumed its downward biased once it slid below the 50 and 20-day Exponential Moving Averages (EMAs), each at 0.9038 and 0.9033. After that, the USD/CHF extended its losses, surpassing the 0.9000 figure and falling to fresh three-week lows of 0.8965 before aiming for 0.8970. For a bearish continuation, the USD/CHF needs to clear the May 22 swing low of 0.8940, which would expose the 0.8900 psychological price level as the next support.

Conversely, USD/CHF buyers must reclaim the 0.9000 figure if they would like to see prices higher. That would open the door toward 0.9033/38, the confluence of the 20 and 50-day EMA, ahead of testing the intersection of the 100-day EMA and April 10 daily high at 0.9114/20.

Therefore, the USD/CHF trend remains downwards, supported by oscillators. The Relative Strength Index (RSI) and the three-day Rate of Change (RoC) remained in bearish territory.

USD/CHF Price Action – Daily chart

USD/CHF

Overview
Today last price	0.897
Today Daily Change	-0.0082
Today Daily Change %	-0.91
Today daily open	0.9052

Trends
Daily SMA20	0.9047
Daily SMA50	0.8989
Daily SMA100	0.9117
Daily SMA200	0.935

Levels
Previous Daily High	0.909
Previous Daily Low	0.9032
Previous Weekly High	0.912
Previous Weekly Low	0.8984
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.9054
Daily Fibonacci 61.8%	0.9068
Daily Pivot Point S1	0.9026
Daily Pivot Point S2	0.9
Daily Pivot Point S3	0.8968
Daily Pivot Point R1	0.9084
Daily Pivot Point R2	0.9116
Daily Pivot Point R3	0.9143

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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