- USD/CHF extended its drop past the 20/50-day EMAs after facing resistance at the 200-day EMA.
- USD/CHF Price Forecast: Shifted bearish, though needs to crack 0.9130s to test YTD lows.
USD/CHF falls below the confluence of the 20 and 50-day Exponential Moving Averages (EMAs), extending its daily losses to more than 1% Friday. A mixed US jobs report weighed on the US Dollar (USD). Sentiment deteriorates on a US bank collapse, which could have spillover in the country. At the time of writing, the USD/CHF is trading at 0.9216.
USD/CHF Price Action
After dropping below the intersection of the 20 and 50-day EMAs, the USD/CHF shifted downwards. During the day, the pair reached a multi-week low of around 0.9174 before buyers stepped in and lifted the price above the 0.9200 figure.
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With the Relative Strength Index (RSI) turning bearish and the Rate of Change (RoC) showing that sellers are gathering momentum, the USD/CHF path of least resistance is downwards.
That said, the USD/CHF pair’s first support would be the 0.9200 figure. Once broken, the pair would test the March 10 low at 0.9174, followed by the February 14 swing low at 0.9140. A breach of the latter will expose the 0.9100 figure, followed by the YTD low at 0.9059.
In an alternate scenario, if the USD/CHF reclaims 0.9300, that would keep the bulls hopeful for testing the 0.9400 figure. However, buyers must conquer the 50 and 20-day EMAs at 0.9311 and 0.9319.
USD/CHF Daily Chart
USD/CHF Technical Levels