USD/CHF Price Analysis: Tumbles from weekly highs to the 20-DMA at 0.9210s

USD/CHF will likely remain pressured following Powell’s “neutral” speech.
USD/CHF Price Analysis: Downward biased, but it could print a leg-up once it clears the 50-day EMA.

Christian Borjon Valencia FXStreet

USD/CHF slid from weekly highs and reached around 0.9290 after the US Federal Reserve (Fed) Chair Powell’s speech failed to push back against a perceived dovish rate hike, even though he acknowledged a strong US jobs report. At the time of writing, the USD/CHF exchanges hands at 0.9219, below its opening price.

USD/CHF Price Analysis: Technical outlook

The USD/CHF is resting at around the 20-day Exponential Moving Average (EMA) at 0.9217 as Wall Street’s session wanes. Failure to crack the latter would keep USD/CHF bulls hopeful for higher prices, but they will need to challenge the 50-day EMA at 0.9303 if they want to shift the bias to neutral upwards. In that outcome, the USD/CHF could aim higher and face the next supply zone at a downslope trendline drawn from December’s highs, which passes in the 0.9320-35 area. Once cleared, the 100-day EMA would be up for grabs at 0.9420.

For a resumption of the downtrend, the USD/CHF needs a break below the 20-day EMA and February 7 low of 0.9191. A breach of the latter will poise the USD/CHF pair towards the February 3 daily low of 0.9112, ahead of the 0.9100 figure.

Momentum indicators are beginning to show bearish signals, with the Relative Strength Index (RSI) crossing below the 50-mid line. The Rate of Change (RoC) portrays buying pressure is fading, strengthening the bearish outlook in the near term.

USD/CHF Key Technical Levels

USD/CHF

Overview
Today last price	0.9222
Today Daily Change	-0.0059
Today Daily Change %	-0.64
Today daily open	0.9281

Trends
Daily SMA20	0.9215
Daily SMA50	0.9284
Daily SMA100	0.9544
Daily SMA200	0.9617

Levels
Previous Daily High	0.9291
Previous Daily Low	0.9227
Previous Weekly High	0.9288
Previous Weekly Low	0.9059
Previous Monthly High	0.941
Previous Monthly Low	0.9085
Daily Fibonacci 38.2%	0.9267
Daily Fibonacci 61.8%	0.9252
Daily Pivot Point S1	0.9242
Daily Pivot Point S2	0.9203
Daily Pivot Point S3	0.9178
Daily Pivot Point R1	0.9305
Daily Pivot Point R2	0.933
Daily Pivot Point R3	0.9369

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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