USD/CHF Price Analysis: At make or break around 0.9300
24.03.2022, 22:34

USD/CHF Price Analysis: At make or break around 0.9300

  • USD/CHF is likely to break below the descending triangle formation.
  • Bears are firmer below 200 EMA, eyes more downside.
  • Slippage of the RSI (14) below 40.00 will strengthen the bears further.

The USD/CHF pair is oscillating in a range of 0.9300-0.9376 this week after sensing intensified selling pressure from March 16 high at 0.9460. It is worth noting that the pair registered a fresh yearly high at 0.9460 but failed to sustain the momentum.

On an hourly scale, the major is auctioning in a descending triangle formation in which the downside remains capped while the asset updates its highs after some intervals. The downside of the descending triangle formation is capped around Monday’s low at 0.9294 while the downward trending trendline is placed from Tuesday’s high at 0.9376.

The pair has failed to defend its 200-period Exponential Moving Average (EMA), which is trading at 0.9332.

Meanwhile, the Relative Strength Index (RSI) (14) is on the verge of surrendering its 40.00-60.00 range and is likely to settle below 40.00. A slippage below 40.00 may attract significant offers and bears will dictate the prices going forward.

Should the asset drops below Monday’s low at 0.9294, bears may strengthen and the pair will drag towards March 7 high at 0.9272, followed by March 2 high at 0.9240.

On the contrary, bears may lose grip if the asset oversteps the 200-period EMA at 0.9332, which will send the pair towards March 18 high at 0.9383. Breach of the latter will expose the greenback bulls to March 15 high at 0.9432.

USD/CHF hourly chart

 

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