USD/CHF Price Analysis: Bears moved in around 0.8780s, dragging prices lower

USD/CHF retreats to 0.8838, down 0.06%, as US Treasury yields dip following Powell’s hawkish remarks, putting sellers in the driver’s seat.
A ‘gravestone-doji’ formation on the charts suggests further downside risk, challenging the pair’s recent six-week high of 0.8876.
For a bullish reversal, USD/CHF must reclaim the 0.8900 level, with key resistance and support levels looming at 0.9000 and 0.8819, respectively.

Christian Borjon Valencia FXStreet

USD/CHF retraces from a six-week high of 0.8876, drops as sellers outpaced buyers, as US Treasury bond yields dropped after the US Federal Reserve Chair Jerome Powell speech. At the time of writing, the USD/CHF is trading at 0.8838, down 0.06%.

USD/CHF Price Analysis: Technical outlook

From a technical standpoint, the USD/CHF clashed with a five-month-old downslope resistance trendline, reaching a new six-week high, but has retraced, trimming its earlier gains and turning negative, so far in the day, about to form a ‘gravestone-doji’ which would suggest further downside expected.

For buyers to resume their uptrend, the pair must reclaim 0.8900. A breach of the latter will expose the fourth-month-old previous support turned resistance trendline above the 0.9000 figure, followed by the 200-day Moving Average (DMA) at 0.9082. Conversely, the USD/CHF first support emerges at a May 4 daily low of 0.8819. Break below will send the pair towards 0.8800, followed by the current week’s low of 0.8759.

USD/CHF Price Action – Hourly chart

USD/CHF

Overview
Today last price	0.884
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.8844

Trends
Daily SMA20	0.877
Daily SMA50	0.8799
Daily SMA100	0.8892
Daily SMA200	0.9087

Levels
Previous Daily High	0.8852
Previous Daily Low	0.876
Previous Weekly High	0.8828
Previous Weekly Low	0.8738
Previous Monthly High	0.9005
Previous Monthly Low	0.8552
Daily Fibonacci 38.2%	0.8817
Daily Fibonacci 61.8%	0.8795
Daily Pivot Point S1	0.8786
Daily Pivot Point S2	0.8727
Daily Pivot Point S3	0.8694
Daily Pivot Point R1	0.8877
Daily Pivot Point R2	0.891
Daily Pivot Point R3	0.8969

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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