USD/CHF Price Analysis: Retreats to a two-day low, after facing the 0.8700 barrier

The USD/CHF downtrend remains intact, with a path of least resistance downwards as long as it remains below the 61.8% Fibonacci retracement level at 0.8819.
Sellers might extend their drive and test the year-to-date (YTD) low of 0.8554 if the pair crosses the 0.8600 mark.
From an oscillator perspective, the downward aiming Relative Strength Index (RSI) and sellers' influence suggested by the three-day Rate of Change (RoC) align with the bearish bias.

Christian Borjon Valencia FXStreet

USD/CHF retreats after reaching a daily high of 0.8700 and drops to a new two-day low amid a risk-on mood ahead of the US Federal Reserve (Fed) monetary policy decision. At the time of writing, the USD/CHF exchanges hands at 0.8640, down 0.59%.

USD/CHF Price Analysis: Technical outlook

The USD/CHF downtrend remains intact as long as the exchange rate stays below the May 4 daily low of 0.8819, confluence with the 61.8% Fibonacci (Fibo) retracement. Once that level is broken, the next resistance will emerge at the next confluence of the 50-day EMA and the 78.6% Fibo level at the 0.8875/0.8900 area, followed by the 0.9000 mark.

Nonetheless, the USD/CHF path of least resistance is downwards, as it resumed its fall to a fresh two-day low, past the 23.6% Fibo retracement at 0.8659. The following support emerges at the 0.8600 figure, and if sellers gather momentum, it could extend and test the year-to-date (YTD) low of 0.8554.

From an oscillator standpoint, the Relative Strength Index (RSI) aimed downward as the USD/CHF downtrend resumed, while the three-day Rate of Change (RoC) portrays sellers' entering the market.

USD/CHF Price Action – Daily chart

USD/CHF

Overview
Today last price	0.8644
Today Daily Change	-0.0053
Today Daily Change %	-0.61
Today daily open	0.8697

Trends
Daily SMA20	0.8797
Daily SMA50	0.8929
Daily SMA100	0.8996
Daily SMA200	0.9212

Levels
Previous Daily High	0.87
Previous Daily Low	0.8638
Previous Weekly High	0.8684
Previous Weekly Low	0.8555
Previous Monthly High	0.912
Previous Monthly Low	0.8902
Daily Fibonacci 38.2%	0.8676
Daily Fibonacci 61.8%	0.8661
Daily Pivot Point S1	0.8656
Daily Pivot Point S2	0.8616
Daily Pivot Point S3	0.8594
Daily Pivot Point R1	0.8719
Daily Pivot Point R2	0.8741
Daily Pivot Point R3	0.8781

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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