USD/CHF Price Forecast: Drops to near 0.8950 amid ongoing bearish bias

• USD/CHF may depreciate toward the psychological level of 0.8900.
• The bearish bias is bolstered as the 14-day RSI remains below the 50 level.
• The pair could find the primary resistance at nine-day EMA at 0.9009.

The USD/CHF pair extends its losses for the third successive session, trading around 0.8960 during the Asian hours on Monday. The daily chart analysis points to an ongoing bearish bias, with the pair trading below the nine- and 14-day Exponential Moving Averages (EMAs).

Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, reinforcing the bearish trend. Further depreciation would indicate an oversold situation and an upward correction in the near term.

The USD/CHF pair could find its initial support at the psychological level of 0.8900. A break below this level would open the doors for the pair to navigate the region around the two-month low at 0.8736 level, which was recorded on December 6.

On the upside, the USD/CHF pair could find the primary resistance at the nine-day EMA at 0.9009, followed by the 14-day EMA at 0.9026 level. A break above these levels would improve the short-term price momentum and support the pair to explore the nine-month high at 0.9201 level, which was approached on January 13.

USD/CHF: Daily Chart