USD/CHF pares some of its Wednesday’s gains, forming a bearish harami two candlestick pattern at a juncture with resistance at around the 0.9120 area, capping the advance of the major. Therefore, USD/CHF retreated below 0.9100 and exchanges hands around the 0.9050 area.
Since the beginning of the week, the USD/CHF meandered on top of the 50-day Exponential Moving Average (EMA) at 09034, which, acting as dynamic support, buyers saw it as a zone to open new positions, as the USD/CHF hit a fresh two-month high at around 0.9147. Nonetheless, the uptrend faded, as strong resistance emerged in the form of the 100-day EMA at 0.9127, alongside April 10 daily high at 0.9120.
Hence, bad US economic data was seen as an excuse for sellers to step in and drag the USD/CHF toward the lows of the day at 0.9054, below the 20-day EMA at 0.9058. In the outcome of a daily close below the latter, the next stop would be the 50-day EMA At 0.9034 before challenging the 0.9000 figure.
Even though price action remains neutral, in the short term, a pullback is likely. But traders should know that the Relative Strength Index (RSI) indicator is bullish, so upside risks remain.
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