USD/CHF Price Analysis: Tumbles below 0.9300 to fresh 7-month lows

The USD/CHF extends its weekly losses to more than 1%.
The divergence between the USD/CHF price action and oscillators could suggest that selling pressure is fading.
USD/CHF Price Analysis: Break below 0.9200 to exacerbate a fall to YTD lows; otherwise, a rally above 0.9300 is almost certain.

Christian Borjon Valencia FXStreet

The USD/CHF prolongs its fall to a fresh seven-month low, ahead of the Federal Reserve monetary policy decision, tumbles below 0.9300 after Tuesday’s volatile session, witnessing further weakness on the US Dollar (USD), spurred by a soft inflation report. Therefore, the USD/CHF so far is down in the week by 1.11%, and on Wednesday down 0.47%, trading at 0.9243 at the time of typing.

USD/CHF Price Analysis: Technical outlook

The USD/CHF bias remains downwards, as the daily chart depicts, with prices falling to multi-month lows below 0.9300. It should be said that oscillators had barely reacted to price action, with the Relative Strength Index (RSI) remaining slightly above oversold territory. At the same time, the Rate of Change (RoC) continued to aim toward the zero line, suggesting that selling pressure is abating.

Therefore, if the USD/CHF drops below 0.9200, a fall toward February 21 daily low at 0.9150 is on the cards, followed by a re-test of the YTD lows of 0.9091. Nevertheless, with oscillators diverging from the USD/CHF price action, the USD/CHF first resistance would be the 0.9300 psychological level, followed by the December 13 daily high of 0.9375 ahead of the 0.9400 mark.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9245
Today Daily Change	-0.0047
Today Daily Change %	-0.51
Today daily open	0.9292

Trends
Daily SMA20	0.9439
Daily SMA50	0.9715
Daily SMA100	0.9686
Daily SMA200	0.9647

Levels
Previous Daily High	0.9375
Previous Daily Low	0.9232
Previous Weekly High	0.9456
Previous Weekly Low	0.9312
Previous Monthly High	1.0148
Previous Monthly Low	0.9357
Daily Fibonacci 38.2%	0.9286
Daily Fibonacci 61.8%	0.932
Daily Pivot Point S1	0.9224
Daily Pivot Point S2	0.9156
Daily Pivot Point S3	0.9081
Daily Pivot Point R1	0.9368
Daily Pivot Point R2	0.9443
Daily Pivot Point R3	0.9511

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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