USD/CHF Price Analysis: Rejected at 0.9280s, falls beneath the 20-DMA and 0.9200
- USD/CHF dips below 0.9200 as the US Dollar weakens and tumbles below the 20-day EMA.
- USD/CHF Price Analysis: Downward biased and might test the YTD low if it slides below 0.9100.
The USD/CHF stumbles sharply after hitting a two-week new high at 0.9288 and drops beneath 0.9200, to fresh two-day lows around 0.9174, before settling at around the current exchange rate. The USD/CHF changes hands at 0.9173, below its opening price by 0.75%.
USD/CHF Price Analysis: Technical outlook
During Tuesday’s session, the USD/CHF was quickly rejected, slightly above the January 24 daily high of 0.9279, with bears stepping in aggressively, sending the USD/CHF sliding firstly towards the 0.9200 figure, followed by a dip towards the 0.9180 area.
On its way downward, the USD/CHF pair cleared the 20-day Exponential Moving Average (EMA) at 0.9230 and also was seen back below downslope resistance trendlines, drawn since November and January. Therefore, the USD/CHF is downward biased in the short term and might test crucial demand levels.
The USD/CHF first support would be the January 26 high at 0.9158. The break below will expose the 0.9100 psychological level, followed by the YTD low at 0.9085.
As an alternate scenario, the USD/CHF reclaiming the 0.9200 figure, that would open the door for further gains. The next ceiling level would be the 20-day EMA at 0.9230, followed by the January 31 high at 0.9288