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- USD/CHF Price Analysis: Falls to a 5-day new low, though reclaims 0.9200
USD/CHF Price Analysis: Falls to a 5-day new low, though reclaims 0.9200
- USD/CHF remains below the 20-day EMA, unable to reclaim 0.9300.
- Although the pair is bearish, solid USD/CHF support to be found around 0.9150.
- If the USD/CHF climbs above the 20-day EMA, that will expose the 0.93 figure, followed by the 50-day EMA.
After failing to clear 0.9360 during the last week, the USD/CHF is extending its downtrend to four consecutive days, staying just below the 20-day Exponential Moving Average (EMA), which sits at around 0.9282, acting as a solid resistance. Hence, the USD/CHF is trading at 0.9213, below its opening price by 0.44%.
USD/CHF Price Analysis: Technical outlook
The USD/CHF is neutral-to-downward biased and continues to trade beneath the confluence of a three-month-old downslope trendline and the 20-day EMA. Although the bias suggests further downside, since December 2022, the USD/CHF bottomed around the February 2022 low of 0.9150 and remains unable to crack it. Therefore, bears need to clear the latter, to open the door towards 0.9100 first and then the 0.9000 figure.
As an alternate scenario, if the USD/CHF pair reclaims the 20-day EMA, that could send the pair climbing to 0.9300, followed by the January 12 high of 0.9360, ahead of the 0.9400 mark.
USD/CHF Key Technical Levels
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