USD/CHF Price Analysis: Remains firm around 0.9210 after hitting a high shy of 0.9240

USD/CHF is downward biased but subject to a mean reversion move towards 0.9300.
Solid resistance lies at 0.9235/40, with the confluence of technical indicators rejecting the USD/CHF rally.
USD/CHF Price Analysis: Bulls are hopeful if the pair remains above 0.9158.

Christian Borjon Valencia FXStreet

After slumping on Wednesday, the USD/CHF stages a comeback recovering the 0.9200 psychological level, eyeing a break above a confluence of technical indicators. In addition, a falling wedge continued to develop ahead of the following week’s busy economic calendar in the United States (US). At the time of typing, the USD/CHF exchanges hands at 0.9218, above its opening price by 0.22%.

USD/CHF Price Analysis: Technical outlook

Short term, the USD/CHF is upward biased, though it was rejected at the confluence of a downward slope trendline and the 20-day Exponential Moving Average (EMA) around the 0.9235/40 area. Nevertheless, bulls remain hopeful for higher prices as long as the USD/CHF stays above the January 26 daily low at 0.9158.

Therefore, the USD/CHF first resistance would be the abovementioned confluence of the 20-day EMA and a downslope trendline around 0.9240. Once cleared, the USD/CHF pair might rally toward January 24 daily high at 0.9279, followed by the January 12 ad 0.9360.

As an alternate scenario, the USD/CHF first demand zone would be the January 26 daily low of 0.9158. Once broken, then the pair might dip to the YTD low at 0.9085.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9214
Today Daily Change	0.0012
Today Daily Change %	0.13
Today daily open	0.9202

Trends
Daily SMA20	0.9247
Daily SMA50	0.9325
Daily SMA100	0.9573
Daily SMA200	0.9634

Levels
Previous Daily High	0.9226
Previous Daily Low	0.9158
Previous Weekly High	0.9288
Previous Weekly Low	0.9085
Previous Monthly High	0.9471
Previous Monthly Low	0.9201
Daily Fibonacci 38.2%	0.92
Daily Fibonacci 61.8%	0.9184
Daily Pivot Point S1	0.9165
Daily Pivot Point S2	0.9128
Daily Pivot Point S3	0.9098
Daily Pivot Point R1	0.9232
Daily Pivot Point R2	0.9262
Daily Pivot Point R3	0.9299

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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