USD/CHF Price Analysis: Takes a bearish turn as sellers move in around 0.9000

USD/CHF prepares to resume its bearish biased, confirmed by oscillators and sellers stepping in at around 0.9000.
If USD/CHF sellers reclaim 0.8900, look for a test of the YTD low at 0.8859.
Upside risks lie above 0.9000, with buyers eyeing the 20-day EMA.

Christian Borjon Valencia FXStreet

USD/CHF reversed its course after hitting a weekly high of 0.9003 and fell, as the sellers remain committed to defending the 0.9000 figure. After consolidating for back-to-back days in the 0.8950-0.9000 range, the USD/CHF exchanges hands at 0.8933, down 0.45%.

USD/CHF Price Action

The USD/CHF posted two positive days and remained in the front foot during the week before turning negative. Sellers are gathering momentum, as shown by the Relative Strength Index (RSI), which is stills in bearish territory. In addition, the Rate of Change (RoC) also turned bearish, suggesting that the USD/CHF pair could resume its downward bias.

If USD/CHF continues lower, the next support would be the April 14 daily low at 0.8866. Once broken, up next would be the YTD low at 0.8859, followed by the 0.8800 figure.

On the other hand, the USD/CHF first resistance would be the confluence of a one-month-old downslope trendline around 0.8990, followed by the 0.9000 figure. A breach of the latter, the USD/CHF can rally towards the 20-day Exponential Moving Average (EMA) at 0.9044 before aiming towards April 10 daily high at 0.9120.

USD/CHF Daily Chart

USD/CHF

Overview
Today last price	0.8937
Today Daily Change	-0.0038
Today Daily Change %	-0.42
Today daily open	0.8975

Trends
Daily SMA20	0.9069
Daily SMA50	0.9201
Daily SMA100	0.9237
Daily SMA200	0.9476

Levels
Previous Daily High	0.9003
Previous Daily Low	0.8958
Previous Weekly High	0.9114
Previous Weekly Low	0.886
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.8986
Daily Fibonacci 61.8%	0.8975
Daily Pivot Point S1	0.8954
Daily Pivot Point S2	0.8934
Daily Pivot Point S3	0.8909
Daily Pivot Point R1	0.9
Daily Pivot Point R2	0.9024
Daily Pivot Point R3	0.9045

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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