USD/CHF Price Analysis: Reclaims 0.9200 after breaching the 20-DMA

USD/CHF remains range-bound though it meanders slightly below the 0.9200 figure.
USD/CHF: If it reclaims the 50-day EMA, it will shift neutral; otherwise, a resumption of the downtrend is likely.

Christian Borjon Valencia FXStreet

The USD/CHF drops for two consecutive days, though buyers are reclaiming the February 7 daily low of 0.9191, as they are eyeing to reclaim the 50-day EMA at 0.9299. At the time of writing, the USD/CHF exchanges hands at around 0.9200.

USD/CHF Price Analysis: Technical outlook

After dropping beneath 0.9200, the USD/CHF encountered solid support at around 0.9180s, beneath a two-month-old downslope resistance trendline, that turned support. It should be said that the USD/CHF pair is still neutral to downward biased, but with the 20-day Exponential Moving Average (EMA) resting at 0.9215, the USD/CHF could rally in the near term.

Nevertheless, oscillators like the Relative Strength Index (RSI) suggest that a bearish continuation is expected after crossing beneath the 50 mid-line. Contrarily, the Rate of Change (RoC) indicates sideways action.

For the USD/CHF to shift neutral, buyers must reclaim the 50-day EMA at 0.9299. Once that happens, then USD/CHF buyers could be poised to test the 100-day EMA at 0.9416. ahead of the 200-day EMA at 0.9478.

For a resumption of the downtrend, the USD/CHF needs to crack the February 3 daily low of 0.9112, which could pave the way for a retest of the YTD low at 0.9059.

USD/CHF key technical levels

USD/CHF

Overview
Today last price	0.92
Today Daily Change	-0.0019
Today Daily Change %	-0.21
Today daily open	0.9219

Trends
Daily SMA20	0.9215
Daily SMA50	0.9277
Daily SMA100	0.954
Daily SMA200	0.9614

Levels
Previous Daily High	0.929
Previous Daily Low	0.9192
Previous Weekly High	0.9288
Previous Weekly Low	0.9059
Previous Monthly High	0.941
Previous Monthly Low	0.9085
Daily Fibonacci 38.2%	0.9229
Daily Fibonacci 61.8%	0.9252
Daily Pivot Point S1	0.9177
Daily Pivot Point S2	0.9136
Daily Pivot Point S3	0.908
Daily Pivot Point R1	0.9275
Daily Pivot Point R2	0.9331
Daily Pivot Point R3	0.9373

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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