USD/CHF Price Analysis: Stays afloat above 0.9330, underpinned by a strong USD

USD/CHF resumed its uptrend as the 20-day EMA is about to cross over the 50-DMA.
USD/CHF Price Analysis: Could shift neutral-upwards once it regains 0.9400.

Christian Borjon Valencia FXStreet

The USD/CHF climbs above 0.9300, extending its gains after cracking the previous weekly high and reaching a new one at 0.9348 on Thursday. At the time of typing, the USD/CHF exchanges hand at 0.9342.

The USD/CHF pair is neutral to downward biased, indicated by the long-term Exponential Moving Averages (EMAs), the 100 and 200-day EMAs, resting above the exchange rate at 0.9384 and 0.9455, respectively. Furthermore, the USD/CHF trades beneath the January 6 daily high of 0.9409, keeping the bearish bias intact. If this rate is surpassed, the USD/CHF can reach the 200-day EMA level.

Even though the USD/CHF bias is tilted to the downside, the pair appears to have bottomed around 0.9059. Also, the Relative Strength Index (RSI) and the Rate of Change (RoC) are bullish, suggesting buyers are moving in.

Therefore, the USD/CHF path of least resistance is upward in the near term. The first resistance would be the January 12 high at 0.9360. A decisive break and the following resistance tested would be the 100-day EMA at 0.9384, ahead of the 0.9400 figure. Once those two resistance areas are broken, buyers will aim toward the 200-day EMA at 0.9454 before posing a threat of the 0.9500 figure.

Contrarily, if the USD/CHF drops below the 50-day EMA at 0.9283, that would exacerbate a fall toward the February 14 daily low at 0.9135.

USD/CHF Daily chart

USD/CHF Key technical levels

USD/CHF

Overview
Today last price	0.9343
Today Daily Change	0.0028
Today Daily Change %	0.30
Today daily open	0.9315

Trends
Daily SMA20	0.9223
Daily SMA50	0.9249
Daily SMA100	0.9476
Daily SMA200	0.9576

Levels
Previous Daily High	0.9319
Previous Daily Low	0.9253
Previous Weekly High	0.9332
Previous Weekly Low	0.9138
Previous Monthly High	0.941
Previous Monthly Low	0.9085
Daily Fibonacci 38.2%	0.9294
Daily Fibonacci 61.8%	0.9278
Daily Pivot Point S1	0.9273
Daily Pivot Point S2	0.923
Daily Pivot Point S3	0.9207
Daily Pivot Point R1	0.9338
Daily Pivot Point R2	0.9361
Daily Pivot Point R3	0.9404

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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