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USD/CHF Price Analysis: Breaks below 0.9400, eyeing a break beneath the 20/50-DMAs

  • USD/CHF stumbled below the 100-day EMA, eyeing a break below the 20/50-day EMAs.
  • The Relative Strength Index edges down but at the brisk of turning bearish.
  • USD/CHF Price Analysis: Failure to crack the 200-day EMA opened the door for further downside.

The USD/CHF dropped after failing to test the 200-day Exponential Moving Average (EMA), which extended its losses past the 100-day EMA at 0.9383. the USD/CHF, Monday’s high, was 0.9373 before retracing toward the low of 0.9310s. At the time of writing, the USD/CHF is trading at 0.9317, down 0.44% or 40 pips.

USD/CHF Price action

At the beginning of the first full week in March, the USD/CHF keeps a bearish tone but faces solid support at the confluence of moving averages. The 20 and 50-day EMA rest at 0.9313 and 0.9307, respectively, areas that are the first lines of defense for USD/CHF’s bulls. Break below would expose the 0.9300 psychological price level, ahead of a one-month-old upslope support trendline at 0.9270.

Even though the USD/CHF’s bias is bearish, the Relative Strength Index (RSI) remains bullish but aims lower. If the RSI turns bearish, that will exacerbate an acceleration of the downtrend and put into play the YTD low at 0.9059.

As an alternate scenario, the USD/CHF first resistance would be the 100-day EMA at 0.9383. Break above will expose 0.9400, ahead of the important 200-day EMA At 0.9450, ahead of reaching the psychological 0.9500 mark.

USD/CHF Daily chart

USD/CHF Technical levels

USD/CHF

Overview
Today last price0.9318
Today Daily Change-0.0044
Today Daily Change %-0.47
Today daily open0.9362
 
Trends
Daily SMA200.9292
Daily SMA500.9261
Daily SMA1000.9435
Daily SMA2000.9567
 
Levels
Previous Daily High0.9424
Previous Daily Low0.9359
Previous Weekly High0.944
Previous Weekly Low0.9342
Previous Monthly High0.9429
Previous Monthly Low0.9059
Daily Fibonacci 38.2%0.9384
Daily Fibonacci 61.8%0.9399
Daily Pivot Point S10.9339
Daily Pivot Point S20.9317
Daily Pivot Point S30.9274
Daily Pivot Point R10.9404
Daily Pivot Point R20.9447
Daily Pivot Point R30.947

Author

Christian Borjon Valencia

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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