USD/CHF Price Analysis: Surrender the 0.9220 as USD bears eye 0.9200
- The USD/CHF is recording losses during the week, so far down 0.30%.
- The break of the 0.9220-60 range exacerbated a move under 0.9200, reclaimed late on risk-off market mood due to headlines of Ukraine/Russia.
- USD/CHF is neutral downward biased, as long as it stays under the 100 and the 50-DMAs.
The USD/CHF extends its losses during the week, and on Friday, it is barely down some 0.02%. At the time of writing, the USD/CHF is trading at 0.9216, reclaiming 0.9200 after printing a daily low at 0.9191.
On Wednesday, the USD/CHF finally broke the 0.9220-60 range, to the downside, on appetite for safe-haven peers but the US dollar. Furthermore, on its way towards highs 0.9190s, it reclaimed the 100 and the 50-daily moving averages (DMAs), exacerbating a move towards lower prices.
USD/CHF Price Forecast: Technical outlook
Therefore, the USD/CHF is neutral-downward biased. The USD/CHF first support would be the 200-DMA at 0.9173, near the February 4 daily low of 0.9176. Breach of the latter would expose the January 21 daily low at 0.9107.
On the flip side, the USD/CHF first resistance would be February 9 daily low at 0.9221, previous support now resistance, followed by 0.9260, and then the February 10 daily high at 0.9296.
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
