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- USD/CHF Price Analysis: Surrender the 0.9220 as USD bears eye 0.9200
USD/CHF Price Analysis: Surrender the 0.9220 as USD bears eye 0.9200
- The USD/CHF is recording losses during the week, so far down 0.30%.
- The break of the 0.9220-60 range exacerbated a move under 0.9200, reclaimed late on risk-off market mood due to headlines of Ukraine/Russia.
- USD/CHF is neutral downward biased, as long as it stays under the 100 and the 50-DMAs.
The USD/CHF extends its losses during the week, and on Friday, it is barely down some 0.02%. At the time of writing, the USD/CHF is trading at 0.9216, reclaiming 0.9200 after printing a daily low at 0.9191.
On Wednesday, the USD/CHF finally broke the 0.9220-60 range, to the downside, on appetite for safe-haven peers but the US dollar. Furthermore, on its way towards highs 0.9190s, it reclaimed the 100 and the 50-daily moving averages (DMAs), exacerbating a move towards lower prices.
USD/CHF Price Forecast: Technical outlook
Therefore, the USD/CHF is neutral-downward biased. The USD/CHF first support would be the 200-DMA at 0.9173, near the February 4 daily low of 0.9176. Breach of the latter would expose the January 21 daily low at 0.9107.
On the flip side, the USD/CHF first resistance would be February 9 daily low at 0.9221, previous support now resistance, followed by 0.9260, and then the February 10 daily high at 0.9296.
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