USD/CHF Price Analysis: Seesaws around 0.9280s as oscillators turned neutral
20.03.2023, 21:56

USD/CHF Price Analysis: Seesaws around 0.9280s as oscillators turned neutral

  • USD/CHF consolidates within the 20 and 50-day EMAs at around 0.9285/95.
  • USD/CHF Price Analysis: To remain sideways, ahead of the FOMC’s meeting

USD/CHF traded sideways after Wall Street closed, with gains as risk appetite improved. Safe-haven flows spurred a light gain for the greenback on Monday of 0.35%. However, as the Asian session begins, the USD/CHF exchanges hands at 0.9287, almost flat.

USD/CHF Price action

After bottoming nearby the 2023 lows, the USD/CHF rallied 2.80%, near last week’s high at 0.9340. Nevertheless, the recent developments in the financial markets triggered flows toward the Swiss Franc (CHF), which recovered some ground. However, the exchange rate is stills above the 20-day Exponential Moving Average (EMA), acting as support at around 0.9283.

Oscillators suggest the USD/CHF pair would be seesawing around the 0.9300 area. With the US Federal Reserve (Fed) interest rate decision looming, the USD/CHF would remain trading within familiar levels.

Therefore, the USD/CHF first resistance would be the 100-day EMA at 0.9296. A breach of the latter will expose the 0.9300 figure, followed by the March 16 high at 0.9340 and the 100-day EMA at 0.9362, ahead of the 200-day EMA.

For a bearish continuation, the USD/CHF first’s test would be the 20-day EMA at 0.9285. Once cleared, the USD/CHF could dive towards 0.9229, the March 16 low, before falling to the March 15 daily low at 0.9122.

USD/CHF Daily chart

USD/CHF Daily chart

USD/CHF Technical levels

 

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