USD/CHF Price Analysis: Breaks 0.9100 with bulls targeting YTD high
20.05.2024, 21:41

USD/CHF Price Analysis: Breaks 0.9100 with bulls targeting YTD high

  • USD/CHF up over 0.20%, closing above 0.9100 on Monday.
  • Potential for further gains if pair surpasses 0.9150, targeting 0.9200 and YTD high of 0.9224.
  • Key supports at 0.9100, 50-DMA (0.9049), and 0.8988 in case of bearish momentum.

On Monday, the USD/CHF registered more than 0.20% gains, with buyers regaining control and achieving a daily close above 0.9100. This was sponsored by high US yields, which underpinned the Greenback, though it posted modest gains. As the Tuesday Asian session begins, the major trades at 0.9104, virtually unchanged.

USD/CHF Price Analysis: Technical outlook

From a technical perspective, the pair has reversed its course after diving to a multi-week low of 0.8988, though buyers lifted the USD/CHF and achieved a daily close above 0.9060. That opened the door for a bullish continuation. But momentum has faded so far, as shown by the Relative Strength Index (RSI), which remains bullish but has a flat slope.

If bulls lift the USD/CHF above 0.9150, that will exacerbate a rally to 0.9200. Once surpassed, the next stop would be the year-to-date (YTD) high at 0.9224.

Conversely, if sellers moved in and dragged the USD/CHF exchange rate below 0.9100, that would pave the way to test the 50-day moving average (DMA) at 0.9049. Further losses lie at 0.9000 and 0.8988.

USD/CHF Price Action – Daily Chart

USD/CHF

Overview
Today last price 0.9105
Today Daily Change 0.0013
Today Daily Change % 0.14
Today daily open 0.9092
 
Trends
Daily SMA20 0.9097
Daily SMA50 0.9038
Daily SMA100 0.8864
Daily SMA200 0.8874
 
Levels
Previous Daily High 0.9098
Previous Daily Low 0.9056
Previous Weekly High 0.9103
Previous Weekly Low 0.8988
Previous Monthly High 0.9195
Previous Monthly Low 0.8998
Daily Fibonacci 38.2% 0.9082
Daily Fibonacci 61.8% 0.9073
Daily Pivot Point S1 0.9066
Daily Pivot Point S2 0.904
Daily Pivot Point S3 0.9024
Daily Pivot Point R1 0.9108
Daily Pivot Point R2 0.9124
Daily Pivot Point R3 0.915

 

 

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