- 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.
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
|Today last price||0.9214|
|Today Daily Change||0.0012|
|Today Daily Change %||0.13|
|Today daily open||0.9202|
|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|
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