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USD/CHF Price Analysis: Sellers stepped at the 100-DMA, eyeing to crack 0.9470

  • The USD/CHF tumbling below the 100-day EMA could pave the way for a re-test of 0.9470.
  • In the near term, the USD/CHF is neutral downwards, and once it clears 0.9550, it could open the door toward 0.9500.

The USD/CHF retraces under the 100-day EMA and shifts the pair’s bias to neutral-downwards as the exchange rate further separates from the previously mentioned moving average (MA) and closes to the August 3 daily low at 0.9542. At the time of writing, the USD/CHF is trading at 0.9655.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is neutral-to-downward biased reinforced for several reasons. Firstly, the exchange rate is below the 20, 50, and 100-DMAs. Secondly, the Relative Strength Index (RSI) is in negative territory, made a U-turn, from aiming higher, now is headed downwards, narrowing the distance with its 7-day RSI’s MA. Once the RSI crosses under the latter, it confirms the bearish bias.

Therefore, the USD/HF path of least resistance is downwards. The major’s first support would be 0.9542. Once broken, it will expose the 0.9500, followed by the August 2 low at 0.9470.

USD/CHF Hourly chart

The USD/CHF hourly chart illustrates the pair as neutral-to-downward biased. However, the confluence of the S1 daily pivot and the 100-hour EMA around 0.9550 stopped the downtrend at the time of typing. Nevertheless, USD/CHF traders should notice that the Relative Strength Index (RSI) exited from oversold conditions, with its slope aiming higher, so a correction might be on the cards. Therefore, the USD/CHF might aim toward Fibonacci’s 50% retracement at 0.9588 before cracking 0.9550. Once cleared, the major’s next support will be the August 1 daily low at 0.9470.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price0.9557
Today Daily Change-0.0049
Today Daily Change %-0.51
Today daily open0.9606
 
Trends
Daily SMA200.9681
Daily SMA500.9679
Daily SMA1000.962
Daily SMA2000.9419
 
Levels
Previous Daily High0.9652
Previous Daily Low0.9542
Previous Weekly High0.9668
Previous Weekly Low0.9502
Previous Monthly High0.9886
Previous Monthly Low0.9502
Daily Fibonacci 38.2%0.961
Daily Fibonacci 61.8%0.9584
Daily Pivot Point S10.9548
Daily Pivot Point S20.9491
Daily Pivot Point S30.9439
Daily Pivot Point R10.9657
Daily Pivot Point R20.9709
Daily Pivot Point R30.9767

Author

Christian Borjon Valencia

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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