USD/CHF Price Analysis: Holds to earlier gains but surrenders 0.9000, as the outlook turns neutral

• USD/CHF trades below the weekly high, failing to conquer the 50-day EMA; currently trading at 0.8984, up 0.05%.
• The technical outlook remains neutral unless the pair can reclaim the 50-day EMA at 0.9027 and the 100-day EMA at 0.9144.
• RSI indicator suggests buyers are moving in, but key resistance levels lie ahead; downside risks emerge below the 20-day EMA.

USD/CHF holds to its earlier gains achieved after three days of consecutive gains. However, it’s trading well below the weekly high, which tested the 50-day Exponential Moving Average (EMA) at 0.9027 but failed to conquer the latter. Hence, the USD/CHF retreated beneath the 0.9000 figure, and as the Asian session begins is trading at 0.8984, up 0.05%.

USD/CHF Price Analysis: Technical outlook

Wednesday’s price action formed an inverted hammer candlestick that fell shy of cracking the 50-day EMA, though it retreated and stood above the 20-day EMA at 0.8951. However, the USD/CHF bias remains neutrally biased unless buyers reclaim the 50-day EMA at 0.902, followed by the 100-day EMA at 0.9144.

The Relative Strength Index (RSI) indicator entered the bullish territory, suggesting buyers are moving in, while the 3-day Rate of Change (RoC) jumped above the neutral line.

Therefore, the path of least resistance is upward biased in the near term. The USD/CHF first resistance would be the 0.9000 figure, followed by the 50-day EMA at 0.9027. Once cleared, ad upside risks lie at 0.9120, the April 10 high, followed by the April 3 daily high of 0.9196.

Conversely, downside risks for the USD/CHF emerge below the 20-day EMA at 0.8951, followed by the psychological 0.8900 mark.

USD/CHF Price Action – Daily chart