USD/CHF Price Analysis: Trims some losses, with buyers eyeing 0.9300

USD/CHF bounced off the weekly lows around 0.9110s as the US Dollar pares its losses.
USD/CHF Price Analysis: To shift neutral, above 0.9200; otherwise, the YTD lows would be tested.

Christian Borjon Valencia FXStreet

The USD/CHF finished Thursday’s session with a loss of 0.11% after hitting a low of 0.9118 and closing at around 0.9163. As the Asian session begins, the USD/CHF is trading at around 0.9160s, as sellers continued to drive prices for the fourth straight day.

USD/CHF Price action

The USD/CHF daily chart portrays the pair as downward biased, but Thursday’s price action formed a hammer candlestick preceded by a downtrend; it’s usually a bullish candle. But buyers need to crack March’s 23 daily high at 0.9180 if they want to drive the USD/CHF higher.

For a bullish resumption, the USD/CHF first resistance would be 0.9200. Break above, and the 20-day Exponential Moving Average (EMA) at 0.9249 would be up for grabs. The 50-day EMA would be tested at 0.9278 before the USD/CHF reaches 0.9300.

On the flip side, and the path of least resistance, the USD/CHF first support would be March’s 23 low at 0.9118. A breach of the latter and the USD/CHF will fall to the March 13 daily low at 0.9070 before challenging the YTD low at 0.9059.

USD/CHF Daily chart

USD/CHF Technical levels

USD/CHF

Overview
Today last price	0.9164
Today Daily Change	-0.0010
Today Daily Change %	-0.11
Today daily open	0.9174

Trends
Daily SMA20	0.9312
Daily SMA50	0.9257
Daily SMA100	0.9343
Daily SMA200	0.9536

Levels
Previous Daily High	0.9246
Previous Daily Low	0.9147
Previous Weekly High	0.9342
Previous Weekly Low	0.9072
Previous Monthly High	0.9429
Previous Monthly Low	0.9059
Daily Fibonacci 38.2%	0.9185
Daily Fibonacci 61.8%	0.9208
Daily Pivot Point S1	0.9132
Daily Pivot Point S2	0.909
Daily Pivot Point S3	0.9034
Daily Pivot Point R1	0.9231
Daily Pivot Point R2	0.9288
Daily Pivot Point R3	0.9329

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.