USD/CHF Price Analysis: Slips below 0.9100 as bearish harami pattern emerges

USD/CHF forms a bearish harami pattern, reversing from resistance at 0.9120 to exchange around 0.9050.
Despite a bullish RSI, the uptrend wanes due to strong resistance from the 100-day EMA and poor US economic data.
The risk of a daily close below the 20-day EMA at 0.9058 poses a potential challenge to the 0.9000 mark.

Christian Borjon Valencia FXStreet

USD/CHF pares some of its Wednesday’s gains, forming a bearish harami two candlestick pattern at a juncture with resistance at around the 0.9120 area, capping the advance of the major. Therefore, USD/CHF retreated below 0.9100 and exchanges hands around the 0.9050 area.

USD/CHF Price Analysis: Technical outlook

Since the beginning of the week, the USD/CHF meandered on top of the 50-day Exponential Moving Average (EMA) at 09034, which, acting as dynamic support, buyers saw it as a zone to open new positions, as the USD/CHF hit a fresh two-month high at around 0.9147. Nonetheless, the uptrend faded, as strong resistance emerged in the form of the 100-day EMA at 0.9127, alongside April 10 daily high at 0.9120.

Hence, bad US economic data was seen as an excuse for sellers to step in and drag the USD/CHF toward the lows of the day at 0.9054, below the 20-day EMA at 0.9058. In the outcome of a daily close below the latter, the next stop would be the 50-day EMA At 0.9034 before challenging the 0.9000 figure.

Even though price action remains neutral, in the short term, a pullback is likely. But traders should know that the Relative Strength Index (RSI) indicator is bullish, so upside risks remain.

USD/CHF Price Action – Daily chart

USD/CHF

Overview
Today last price	0.9056
Today Daily Change	-0.0050
Today Daily Change %	-0.55
Today daily open	0.9106

Trends
Daily SMA20	0.8985
Daily SMA50	0.9005
Daily SMA100	0.9131
Daily SMA200	0.9381

Levels
Previous Daily High	0.9148
Previous Daily Low	0.9056
Previous Weekly High	0.9075
Previous Weekly Low	0.8941
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.9113
Daily Fibonacci 61.8%	0.9091
Daily Pivot Point S1	0.9059
Daily Pivot Point S2	0.9011
Daily Pivot Point S3	0.8967
Daily Pivot Point R1	0.9151
Daily Pivot Point R2	0.9195
Daily Pivot Point R3	0.9243

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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