Tumbles below 0.9300 to fresh 7-month lows – Crypto News – Crypto News
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Tumbles below 0.9300 to fresh 7-month lows – Crypto News

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3 years ago

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  • The USD/CHF extends its weekly losses to more than 1%.
  • The divergence between the USD/CHF price action and oscillators could suggest that selling pressure is fading.
  • USD/CHF Price Analysis: Break below 0.9200 to exacerbate a fall to YTD lows; otherwise, a rally above 0.9300 is almost certain.

The USD/CHF prolongs its fall to a fresh seven-month low, ahead of the Federal Reserve’s monetary policy decision, tumbles below 0.9300 after Tuesday’s volatile session, witnessing further weakness on the US Dollar (USD), spurred by a soft inflation report. Therefore, the USD/CHF so far is down in the week by 1.11%, and on Wednesday down 0.47%, trading at 0.9243 at the time of typing.

USD/CHF Price Analysis: Technical outlook

The USD/CHF bias remains downwards, as of the daily charts depicts, with prices falling to multi-month lows below 0.9300. It should be said that the oscillators had barely reacted to price action, with the Relative Strength Index (RSI) remaining slightly above oversold territory. At the same time, the Rate of Change (RoC) continued to aim towards the zero line, suggesting that selling pressure is abating.

Therefore, if the USD/CHF drops below 0.9200, a fall towards the February 21 daily low at 0.9150 is on the cards, followed by a re-test of the YTD lows of 0.9091. Nevertheless, with oscillators diverging from the USD/CHF price action, the USD/CHF first resistance would be the 0.9300 psychological level, followed by the December 13 daily high of 0.9375 ahead of the 0.9400 mark.

USD/CHF Key Technical Levels

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