USD/CHF Price Analysis: Slides below 61.8% Fibo retracement, death cross signals downside near monthly lows

• USD/CHF is balanced in a narrow range of 0.9220-0.9240 below 61.8% Fibo retracement.
• A death cross of 50 and 200-period EMAs signals more downside going forward.
• The RSI (14) has slipped into a bearish range of 20.00-40.00, which indicates more pain ahead.

The USD/CHF pair is oscillating in a narrow range of 0.9220-0.9240 in early Tokyo. The asset has witnessed a steep fall recently after dropping below the previous week’s low at 0.9260.

On an hourly scale, USD/CHF is staying below 61.8% Fibonacci retracement (placed monthly lows and highs at 0.9150 and 0.9460 respectively) placed at 0.9269. The asset is oscillating near the declining trendline placed from March 21 low at 0.9294 adjoining the previous week’s low at 0.9260.

A death cross from the 50 and 200-period Exponential Moving Averages (EMAs) at 0.9328 triggered a bear attack on the counter.

The Relative Strength Index (RSI) (14) has shifted into a bearish range of 20.00-40.00 from 40.00-60.00, which indicates more pain ahead.

For further downside, Swiss franc bulls need to drag the asset below the ongoing consolidation of 0.9220-0.9240. This will expose the pair to more downside at March 7 low and monthly lows at 0.9197 and 0.9150 respectively.

On the contrary, greenback bulls can obtain control if the asset advances above the 20 EMA at 0.9281. This will drive the asset towards the 200 EMA at 0.9313, followed by 38.2% Fibo retracement at 0.9341.

USD/CHF hourly chart