USD/CHF Price Analysis: Struggles at 0.9400 and drops beyond the 100-DMA
09.03.2023, 18:22

USD/CHF Price Analysis: Struggles at 0.9400 and drops beyond the 100-DMA

  • USD/CHF plunges below the 100-day EMA, with sellers eyeing the 50-day EMA at 0.9310s.
  • Oscillators remain in negative territory, warranting further downside in the USD/CHF pair.
  • USD/CHF Price Analysis: Sellers reclaiming the 20-day EMA would pave the way to 0.9300.

The USD/CHF reverses its upward course and trims some of its weekly gains after the pair was shy of testing the 200-day Exponential Moving Average (EMA) at 0.9448. Consequently, sellers stepped in and tumbled the USD/CHF pair below 0.9400. At the time of typing, the USD/CHF is trading at 0.9357, down 0.59%.

USD/CHF Price action

During Thursday’s session, the USD/CHF retreated below 0.9400, with sellers reclaiming the 100-day EMA at 0.9384. Even though the USD/CHF is falling, it’s facing solid support around 0.93500, which, once cleared, could pave the USD/CHF’s way toward the 20-day EMA at 0.9333. A breach of the latter and the USD/CHF could fall to the 50-day EMA at 0.9316.

Oscillators like the Relative Strength Index (RSI) favor sellers, while the Rate of Change (RoC), portrays buyers losing momentum. Therefore, the USD/CHF could test the 0.9300 figure in the near term.

As an alternate scenario, the USD/CHF first resistance would be the 0.9400 figure. Once broken, the USD/CHF could test the YTD low at 0.9440 before reaching the 200-day EMA at 0.9448.

USD/CHF Daily chart

USD/CHF Technical levels

 

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