USD/CHF Price Analysis: Buyers moved in, but sellers are looming
14.03.2023, 18:02

USD/CHF Price Analysis: Buyers moved in, but sellers are looming

  • USD/CHF gains traction after falling short of breaking to new YTD lows.
  • USD/CHF Price Analysis: Downward biased; it might test 0.9059 and below.

USD/CHF trims some of its Monday losses and shifts positively on Tuesday, gaining 0.47%. The USD/CHF is trading at 0.9151 after hitting a daily low of 0.9094 earlier in the European session.

USD/CHF Price action

After collapsing for three consecutive days, the USD/CHF found a bottom shy of the year-to-date (YTD) lows at 0.9070. However, the USD/CHF recovery has fallen short of cracking a previous low-turned resistance around 0.9160. That could exacerbate the downtrend, and the USD/CHF could be testing YTD lows soon.

The Relative Strength Index (RSI) remains in bearish territory, though turned flat. This means that sellers are taking a respite before pushing prices lower. The Rate of Change (RoC) portrays buyers stepping in but with insufficient force to shift the bias. The path of least resistance is downward biased.

The USD/CHF first support would be the 0.9100 figure. Break below, and the pair might fall toward March’s 13 daily low at 0.9070 before testing the YTD low at 0.9059, ahead of the 0.9000 figure. In an alternate scenario, the USD/CHF first resistance would be the March 13 daily high of 0.9205. Once cleared, the USD/CHF’s next resistance would be the 20-day Exponential Moving Average (EMA) At 0.9283 before reaching 0.9300.

USD/CHF Daily chart

USD/CHF Technical levels

 

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