USD/CHF Price Analysis: Bears moved in as ‘evening star’ pattern looms
09.05.2024, 19:06

USD/CHF Price Analysis: Bears moved in as ‘evening star’ pattern looms

  • USD/CHF falls 0.16%, trading below 0.9100 due to broader US dollar weakness.
  • Technicals show neutral to upward bias; recent bearish RSI indicates loss of upward momentum.
  • Key support at 0.9006 (50-day MA and support trendline); resistance at 0.9100 and 0.9174.

The USD/CHF extended its losses for two straight days and is down some 0.16%, courtesy of broad US Dollar weakness, undermined by lower US Treasury yields. The major trades at 0.9064 after hitting a high shy of 0.9100.

USD/CHF Price Analysis: Technical outlook

The daily chart depicts the USD/CHF as neutral to upward biased, despite buyers losing momentum, as shown by the Relative Strength Index (RSI) shifting bearish. Although the pair has lost some 1.80% after hitting a year-to-date (YTD) high of 0.9224, solid support seen at the confluence of the 50-day moving average and a support trendline at around 0.9006/30 might cap the pair’s drop.

Looking at the potential for a bullish continuation, the USD/CHF could see a positive turn if it manages to climb above 0.9100. Once this level is breached, the next immediate resistance level to watch out for would be May 2 high at 0.9174, with a further test at 0.9200.

On the other hand, if bears push prices below 0.9000, that will confirm the ‘evening star’ chart pattern and exacerbate a drop toward the 200-DMA at 0.8887, ahead of the 100-DMA at 0.8829.

USD/CHF Price Action – Daily Chart

USD/CHF

Overview
Today last price 0.906
Today Daily Change -0.0020
Today Daily Change % -0.22
Today daily open 0.908
 
Trends
Daily SMA20 0.9116
Daily SMA50 0.9003
Daily SMA100 0.8824
Daily SMA200 0.8863
 
Levels
Previous Daily High 0.9096
Previous Daily Low 0.9074
Previous Weekly High 0.9225
Previous Weekly Low 0.9006
Previous Monthly High 0.9195
Previous Monthly Low 0.8998
Daily Fibonacci 38.2% 0.9082
Daily Fibonacci 61.8% 0.9087
Daily Pivot Point S1 0.907
Daily Pivot Point S2 0.9061
Daily Pivot Point S3 0.9048
Daily Pivot Point R1 0.9093
Daily Pivot Point R2 0.9106
Daily Pivot Point R3 0.9116

 

 

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