USD/CHF Price Analysis: Slips on US recession woes, capped by the 100-DMA

USD/CHF takes a hit as weaker-than-expected US economic data spur recession fears, driving the Swiss Franc up.
From a technical perspective, the USD/CHF pair is neutrally biased, awaiting a fresh catalyst for definitive market direction.
Amid mixed signals from market oscillators, expectations of a hawkish Swiss National Bank may provide a catalyst for further USD/CHF downside.

Christian Borjon Valencia FXStreet

USD/CHF slips after clashing with the 100-day Exponential Moving Average (EMA) at 0.9125, dropping below the 0.9100 mark, sponsored by a soft US Dollar (USD). Weaker-than-expected US economic data stirred recession fears amongst investors. Therefore, the Swiss Franch (CHF) rises, as shown by the USD/CHF pair trading at 0.9063, down 0.27%.

USD/CHF Price Analysis: Technical outlook

From a daily chart perspective, the USD/CHF is neutrally biased, waiting for a fresh catalyst that could give direction to the USD/CHF pair. Meanwhile, the USD/CHF is trapped on the upside by the 100-day Exponential Moving Average (EMA) at 0.9123; on the flip side, the 50-day EMA is at 0.9037.

In bullish territory, the Relative Strength Index (RSI) indicator aims downwards, while the 3-day Rate of Change (RoC), even though in bearish territory, climbs toward the neutral area. Mixed signals between oscillators might prevent traders from opening new long/short positions. But, expectations for a hawkish Swiss National Bank (SNB) could open the door for further downside.

The USD/CHF first support would be the 50-day EMA. A breach of the latter will expose the 20-day EMA at 0.9027, followed by the 0.9000 psychological support, before diving toward February 16, 2021, Low of 0.8926.

USD/CHF Price Action – Daily chart

USD/CHF

Overview
Today last price	0.9062
Today Daily Change	-0.0030
Today Daily Change %	-0.33
Today daily open	0.9092

Trends
Daily SMA20	0.9004
Daily SMA50	0.9001
Daily SMA100	0.9127
Daily SMA200	0.9376

Levels
Previous Daily High	0.9093
Previous Daily Low	0.9035
Previous Weekly High	0.9148
Previous Weekly Low	0.9014
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.9071
Daily Fibonacci 61.8%	0.9057
Daily Pivot Point S1	0.9054
Daily Pivot Point S2	0.9015
Daily Pivot Point S3	0.8996
Daily Pivot Point R1	0.9112
Daily Pivot Point R2	0.9131
Daily Pivot Point R3	0.917

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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