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- USD/CHF Price Analysis: Drops and invalidates falling wedge, seesaw around 0.9200
USD/CHF Price Analysis: Drops and invalidates falling wedge, seesaw around 0.9200
- Overall, US Dollar weakness and improvement in risk appetite weighed on the USD/CHF pair.
- A USD/CHF daily close below 0.9200 could exacerbate a fall toward 2022 yearly lows.
- Otherwise, the USD/CHF could bounce at around YTD lows and climb above 0.9300.
The USD/CHF drops back beneath a falling wedge top-trendline and extends its losses for two consecutive trading days, down by 0.73% as the US Dollar (USD) falls. At the time of writing, the USD/CHF is trading at 0.9202.
USD/CHF Price Analysis: Technical outlook
The USD/CHF daily chart portrays the resumption of the major’s downtrend. Failure to cling to gains around 0.9280s exacerbated a downfall toward its daily low of 0.9167, though buyers stepped around the daily lows, lifting the USD/CHF to current exchange rates. The USD/CHF stepped inside the falling wedge, a signal of bearishness. However, it would be needed a USD/CHF daily close below 0.9200 to pave the way for further downside. Otherwise, buyers could step in and lift the USD/CHF pair.
USD/CHF key support levels would be 0.9167. A breach of the latter would expose the February 21 daily low of 0.9150, followed by the 0.9100 mark, ahead of the 2022 year low of 0.9091. On the flip side, the USD/CHF first resistance would be 0.9200, which, once cleared, could pave the way towards today’s high of 0.9292, ahead of 0.9300.
USD/CHF Key Technical Levels
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